By COLUMBUS, OHIO (Jan. 15, 2014) - The Public Utilities Commission of Ohio (PUCO) today approved the results of Vectren Energy Delivery of Ohio's auction for its standard choice offer (SCO). The auction secured natural gas supplies for Vectren's customers from April 1, 2014 to March 31, 2015 and established a retail price adjustment of $1.05 per thousand cubic feet (Mcf).
Vectren's SCO rate changes monthly and is calculated as the sum of the retail price adjustment, plus the New York Mercantile Exchange (NYMEX) month-end settlement price. The price adjustment reflects the winning bidders' estimate of their cost to deliver natural gas from the production area to Vectren's service area.
The SCO will apply to Vectren's non-choice customers and will continue to allow choice-eligible customers the option to enroll with an energy choice supplier of their choosing, join a government aggregation buying group or remain on the SCO. Customers who are interested in choosing an energy choice supplier can compare rate offers using the PUCO's online Apples to Apples comparison charts.
Each SCO customer's bill will indicate the certified retail natural gas supplier that is responsible for providing the customer's natural gas. Vectren will continue to deliver natural gas to all customers, offer payment plans, and handle all emergency and customer service calls. Those enrolled in the Percentage of Income Payment Plan (PIPP), government aggregation group customers and those already enrolled with an energy choice supplier are not affected.
On Jan. 14, 2014, World Energy Solutions, Vectren's auction manager, conducted a descending clock auction for the SCO rate. Bids were submitted by seven natural gas suppliers based on fixed adjustments to the NYMEX settlement price. The names of the five winning bidders will remain confidential for 15 days to protect the suppliers' positions in contract negotiations with pipeline companies.
A copy of today's Commission entry is available at www.puco.ohio.gov. Click on the link to the Docketing Information System and enter the case number 07-1285-GA-EXM.
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The Public Utilities Commission of Ohio (PUCO) is the sole agency charged with regulating public utility service. The role of the PUCO is to assure all residential, business, and industrial consumers have access to adequate, safe, and reliable utility services at fair prices while facilitating an environment that provides competitive choices. Consumers with utility-related questions or concerns can call the PUCO Call Center at (800) 686-PUCO (7826) and speak with a representative.
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