Before the Ohio Senate Energy and Public Utilities Committee

Before The Ohio Senate Energy and Public Utilities Committee

Testimony on Senate Bill 346 By Jeff Jacobson, Strategic Insight Group On Behalf of the Office of the Ohio Consumers’ Counsel

November 10, 2020

Hello Chair Wilson, Vice-Chair McColley, Ranking Member Williams and

members of the Senate Energy and Public Utilities Committee. I hope you and your

colleagues are well. Consumers’ Counsel Weston and I thank you – and the sponsors of

Senate Bill 346 – for this opportunity to testify as a proponent of this bill to repeal

House Bill 6. Last year we testified seven times against the now tainted House Bill 6.

Attached is the Resolution opposing House Bill 6, by the Consumers’ Counsel Board.

Also attached is Consumers’ Counsel Weston’s letter to the Senate recommending a

prompt repeal of House Bill 6.

Since the enactment of House Bill 6 there have been a U.S. Criminal Complaint,1 arrests, a change in the House Speakership, two guilty pleas, and FirstEnergy’s firings of

its CEO and two Vice Presidents. FirstEnergy announced that the terminations of its executive leadership were for violations of “certain FirstEnergy policies and its code of conduct.”

FirstEnergy (and its former generation subsidiary) like to make money the old-

1 https://assets.documentcloud.org/documents/6999130/Ohio-House-complaint.pdf

1 fashioned way – by convincing government to give them other people’s money.

Business has been good, with FirstEnergy collecting $10 billion dollars in subsidies from Ohioans since Ohio’s landmark electric deregulation law in 1999. OCC’s attached

Subsidy Scorecard shows that, since 1999, consumers have paid Ohio electric utilities

nearly $15 billion in subsidies. The billion-dollar subsidy that Ohioans will pay for

FirstEnergy’s former power plant subsidiary (now called Energy Harbor) is just the

latest subsidy at consumer expense.

It is unfortunate for consumers that FirstEnergy returned to seek more subsidies

for these two nuclear plants given that consumers paid FirstEnergy $7 billion to transition its power plants to competition under the 1999 law that was to end subsidies.

The expectation then, under Revised Code 4928.38, was that consumers would not pay power plant subsidies in the future. But as the old expression goes, the more things

change, the more they remain the same. And paying massive subsidies for FirstEnergy

is more of the same for two million FirstEnergy consumers.

The jewel for consumers in the 1999 electric deregulation law is power plant competition. That competition lowers electric prices and increases innovation for the benefit of Ohio consumers. Market competition, not government, should decide where capital will be deployed for future innovation in power plants. Ultimately, the market

will show the way to the future, including with renewable energy.

Frankly, we think the government should abstain from interfering in the market,

with prime examples of interference being the subsidizing of nuclear and coal power

plants in House Bill 6. We are agnostic on fuel source, and find it particularly dismaying

that Ohio is favoring uneconomic, polluting coal plants by subsidizing them at consumer

2 expense, whether by House Bill 6 or by the past actions of the PUCO. The market is favoring natural gas power plants, among others, which is good for synergy with Ohio’s own gas resources and for low electricity prices to Ohio families and businesses. In the not too distant future, we expect the competitive market will support more renewable energy, as its price declines and innovations occur in related technologies including battery storage.

In November 2017, the Legislative Services Commission prepared the following chart regarding then House Bill 247 by Representative Romanchuk. The chart shows how the regional wholesale power plant market (red line) is working to lower electric prices for Ohioans but the Ohio retail market (blue line) is not. Note how LSC shows the regional wholesale rate declining while the Ohio retail rate is rising. The LSC report is attached.

3 The House Bill 6 subsidies for the two former FirstEnergy nuclear plants will be

$150 million per year through 2027. The bill also continued the PUCO’s bailout of the

1950s OVEC coal power plants through 2030, at public expense, at a price tag of nearly a half-billion dollars or more. The bill also subsidizes large utility-scale solar plants at about $20 million per year through December 31, 2027.

House Bill 6 also contains a so-called “decoupling” subsidy for FirstEnergy. The

decoupling subsidy gets less attention than the power plant subsidies, but it is the other

bailout. Decoupling is a ratemaking measure that decouples, or in other words separates,

a utility’s revenues from its sales. Utilities would say it helps encourage them to offer

energy efficiency programs by having consumers pay the utility for revenues it loses

due to consumers using energy efficiency. Utilities like (or love) decoupling when their

revenues are declining. That’s because, as stated, their regulator can require payments

from consumers to make the utilities whole for their reduced revenues.

In justifying decoupling, utilities like to say that decoupling is balanced in that it

could result in a payment to customers if revenues are higher (and not just a payment to

utilities if their revenues are lower). But it virtually never happens that consumers get a

payment. That’s because decoupling tends to be implemented in a one-sided way to help

utilities at consumer expense. For example, we don’t think it’s mere coincidence that

House Bill 6 allows FirstEnergy to benefit by decoupling to a reference year (2018) that had some of the highest temperatures ever recorded (meaning also higher electric sales revenues for FirstEnergy). We’re not fans of decoupling charges, but House Bill 6 has maybe the worst example of decoupling we’ve ever seen for consumers. The House Bill 6 decoupling for FirstEnergy lacks any alleged redeeming quality such as being driven by

4 support for energy efficiency programs (which are canceled in House Bill 6). It is

corporate welfare at its worst. Indeed, FirstEnergy’s former (and recently terminated)

CEO referred to the decoupling benefit as helping the company be “recession proof.” No doubt many Ohioans suffering from the pandemic emergency would like to be recession- proof.

The Ohio Manufacturers’ Association estimates that FirstEnergy could charge

consumers a total of about $355 million over six years through 2024 (or longer until

FirstEnergy files a distribution rate case) for this decoupling bailout. OMA’s analysis can

be found at this link: https://ohiomfg.informz.net/ohiomfg/data/images/-

%20HB%206%20Decoupling%20101%20Memo%20-%209.17.2020%20-

%20FINAL.pdf

In a repeal of House Bill 6, consumers should be freed from funding this outrageous

decoupling subsidy for FirstEnergy.

The benefits bestowed on FirstEnergy in House Bill 6 were part of a trilogy of legislation in the House. On a similar timeline, FirstEnergy received a benefit for its profits in the state budget bill (Enrolled Am. Sub. House Bill 166, pages 1393-1394).

And House Bill 246 was then introduced as (bad) legislation to “reform” OCC (and the

PUCO), after OCC announced its opposition to House Bill 6 and to the budget bill provision benefiting FirstEnergy.

For these reasons and before we even get to the subject of the United States

Criminal Complaint regarding House Bill 6, we support a repeal of the bill. But we are

here today to support Senate Bill 346 for a prompt repeal of House Bill 6 because House

Bill 6 is tainted by the allegations contained within the federal Criminal Complaint, as

5 the Governor has said. FirstEnergy, a key player in the House Bill 6 process both as the

former owner of the nuclear plants and as a beneficiary of the bill, is understood to be

prominently referenced in the Criminal Complaints (though FirstEnergy has not been

named or charged with a crime to date). FirstEnergy obviously thinks it was involved in something bad regarding House Bill 6 because it just fired its top executives after an internal investigation by its Board. And in the attached filing at the Securities and

Exchange Commission, FirstEnergy acknowledged that it is being investigated by the

Securities and Exchange Commission for possible securities law violations and that it is at risk of potential criminal or civil liabilities and sanctions.

In supporting repeal, we are also moved by our revulsion at the effort to subvert the referendum process for Ohioans. That subversive effort contributed to denying Ohioans their rightful opportunity to vote on repealing House Bill 6.

Now, we know some have said that House Bill 6 saves consumers money, because it eliminates the charges for green energy mandates for renewables and energy efficiency. But we are guided by two concerns. First, we don’t think a goal of ending the green energy mandates justifies enabling the government and a big utility to interfere in the competitive market for power plant competition, as in House Bill 6. Second and more importantly, this tainted bill must be repealed – and repealed promptly – out of respect

for the public in whose name these processes of their state government are conducted.

Further, we don’t think the case has been adequately made that the calculation of

the cost savings of House Bill 6 favor its retention. The Legislative Services Commission

acknowledged, in questions about its testimony before the House Select Committee on

September 10, 2020, that its May 20, 2020 fiscal analysis does not account for the

6 savings that consumers receive from energy efficiency. And LSC then also acknowledged on questioning that its analysis does not account for the negative impact on the market resulting from power plant subsidies.

Regarding the negative impact of House Bill 6 on the market, its passage already

drove out investors from two Ohio natural gas plants: the Lordstown Energy Center’s 940

MW natural gas-fired plant (see attached news story) and the Troy Generation Facility’s

700 MW duel fuel plant (in Luckey, Ohio). Both were cancelled. Those cancellations

mean a loss of $1.6 billion of investment in Ohio, along with lost jobs.

The case for repeal is further underscored by another event. Energy Harbor

announced a stock buy-back requiring hundreds of millions of dollars despite it allegedly

being a financially challenged company in need of a customer-funded bailout for nuclear

power plants. In this regard, we recommend that this Committee require FirstEnergy and

Energy Harbor to both soon publicly testify before the Committee.

Note that renewable energy is a good thing that should compete in the market on

its merits. We think increasingly it will succeed in the market.

Also, while energy efficiency is a good thing, we prefer an approach to energy

efficiency where consumers shop on their own in the market for their energy efficiency

measures, without big utilities and government arranging it. We particularly object to the

utilities charging consumers for profits (so-called “shared savings”) on their energy efficiency programs. The legislature allowed utility profits on energy efficiency in the

2008 energy law and the PUCO has liberally granted it (up until very recently). Examples of this imposition on consumers’ electric bills include energy efficiency profits of $25.7 million by AEP, $7.0 million by DP&L, $10.3 million by Duke, and $12.7 million by

7 FirstEnergy, just in 2018.

So we support Senate Bill 346 for an immediate repeal, especially given the

background of the U.S. criminal allegations on top of the anti-consumer power plant and

decoupling subsidies. House Bill 6 is tainted and it should go. Even if not all the

allegations turn out to be crimes, the federal government’s information is revealing of

undue influence by FirstEnergy and possibly one or more other utilities, and there

unfortunately were extreme efforts to defeat the ballot initiative at the cost of Ohioans’

right to vote.

But having said that, we prefer the repeal approach in House Bill 772 by

Representative Romanchuk. House Bill 772 would, among other things, repeal the coal

subsidy, the nuclear power plant subsidy and the decoupling subsidy. Also, House Bill

772 would prohibit the PUCO from reinstating the subsidy for the uneconomic, polluting

OVEC coal power plants. And the bill would require that refunds be made to consumers

for the subsidies they paid for the coal plants and decoupling under House Bill 6. Making

Ohioans subsidize coal plants is bad for consumers’ pocketbooks and bad for the

environment. House Bill 772 is competitively neutral, as it would not subsidize power

plants or restore the formerly mandated utility programs for energy efficiency and

renewable energy.

House Bill 772 also would repeal Section 5 of House Bill 6, which is a provision requiring the Ohio Development Services Agency to seek a waiver from the federal

government regarding assistance to low-income Ohioans. This waiver is to enable ODSA

to increase the use of the federal Low-Income Home Energy Assistance Program

(“HEAP”) funds for subsidizing weatherization. But that weatherization subsidy reduces

8 HEAP funds available for utility bill assistance to help keep at-risk Ohioans connected to their utility service, especially during the emergency of the pandemic and its aftermath.

The primary concern here should be to keep at-risk Ohioans connected to their energy utility services. That is accomplished by HEAP bill payment assistance much more so than weatherization. Many of our fellow Ohioans are in desperate need of money during the pandemic, so bill payment assistance is especially needed now. Weatherizing a home

(that likely would be done for a landlord, not for the consumer) is a far greater expenditure of the limited HEAP funds per consumer than bill payment assistance. That means using HEAP funds for weatherization helps just a fraction of the Ohioans who can be helped using HEAP for bill payment assistance. To protect Ohioans in need, House

Bill 772 rightly would repeal this provision of House Bill 6.

As mentioned, another issue in the House Bill 6 trilogy is the budget bill (House

Bill 166) provision that could allow FirstEnergy to retain excess profits at consumer

expense. The provision is in Revised Code Section 4928.143(E). That budget bill

provision should also be repealed, such as by House Bill 740.

Thank you for your time and consideration.

Office of the Ohio Consumers’ Counsel

October 7, 2020

The Honorable Larry Obhof, Senate President The Honorable Kenny Yuko, Minority Leader The Honorable Steve Wilson, Chair of Senate Energy and Public Utilities Committee The Honorable Rob McColley, Vice Chair of Senate Energy and Public Utilities Committee The Honorable Sandra Williams, Ranking Member of Senate Energy and Public Utilities Committee All Members of the Ohio Senate Re: Repeal of House Bill 6 Dear President Obhof, Leader Yuko, Committee Chair Wilson, and Senate Members:

I hope you and your colleagues are well. This letter is to respectfully support Senate Bill 346 (sponsored by Senators O’Brien and Kunze) and to recommend its prompt passage to repeal tainted House Bill 6. Regardless of whether the alleged activities described in the U.S. Criminal Complaint are ultimately found to be criminal in connection with H.B. 6, the allegations show the undue influence of an unidentified company (understood to be FirstEnergy). That undue influence included, among other things, the process that preceded the bill’s arrival in the Senate and the later signature-gathering process for the public’s referendum right to vote for repeal. The need for repeal is now.

On September 23, 2020, per Committee invitation, OCC testified as a proponent of H.B. 738 and 746 for repeal of H.B. 6 (and also supported H.B. 740), before the House Select Committee on Energy Policy and Oversight – at this link: https://bit.ly/2I3z95X. Our House testimony (by Jeff Jacobson) also would have reflected support for H.B. 772 (by Rep. Romanchuk), had it then been introduced. The approach in H.B. 772 is worthy of your consideration for drafting Senate legislation to repeal H.B. 6. It is pro-consumer legislation for a number of reasons, including that it would completely end the anti-consumer, anti-environmental subsidization of two AEP/Duke/DP&L coal power plants by the General Assembly and by the PUCO. And it would prevent the anti-competitive subsidization of two nuclear power plants owned by Energy Harbor (formerly FirstEnergy Solutions). The details can be found at this link to H.B. 772: https://bit.ly/2I6YCeP.

Further, H.B. 772 would provide for refunds of subsidy charges paid by Ohioans under tainted H.B. 6 for coal power plants and for FirstEnergy’s so-called “decoupling” that its CEO recently described as recession- proofing. (H.B. 772 does not restore the green energy mandates that H.B. 6 ended.) Our updated “Subsidy Scorecard” shows $16.4 billion dollars of actual and projected electric subsidies (corporate welfare) at Ohioans’ expense, at this link: https://bit.ly/3liVzhH. Ohio should support the competitive market and allow it to transition to the future with efficient natural gas plants and also renewable energy.

I urge your repeal of tainted House Bill 6 now by passing S.B. 346 or by passing a bill similar to H.B. 772 – for the public’s confidence in the integrity of their government. Thank you. Stay well. Sincerely,

Bruce Weston Ohio Consumers’ Counsel Cc: Michael Watkins, Chair of Consumers’ Counsel Governing Board Larry Sauer, Deputy Consumers’ Counsel Jeff Jacobson

65 East State Street, 7th Floor, Columbus, Ohio 43215 • (614) 466-9495 • www.occ.ohio.gov

Your Residential Utility Consumer Advocate SUBSIDY SCORECARD - ELECTRICITY CHARGES TO OHIOANS -

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030

Rate Stabilization Charge Generation Transition Charge / Distribution FirstEnergy Regulatory Transition Charge $2.9 B Modernization Rider $10.2 Billion Regulatory $6.9 B Transition Charge $456 M ($ ???)

Rate Stabilization Energy Harbor Charge (formerly FirstEnergy Solutions) HB 6 Nuclear Plant Subsidy $82 M $150 M Per Year TOTAL $1.05 B

Regulatory Transition Charge / Service Distribution "Big G" Rate Stabilization Rate Stabilization Surcharge Modernization Customer Transition Charge Surcharge Stability Rider DP&L $380 M Rider $172 M $242 M $158 M $293.3 M $219 M $1.5 Billion OVEC Retail Stability Rider Coal Rider HB 6 Coal Plant Subsidy Deferred Capacity Cost $9 M OVEC $9 M Per Year (Est.) $238.4 M Per Year (Est.) .

Provider of OVEC Coal Rider Regulatory Transition Charge Retail Stability Rider HB 6 Coal Plant Subsidy AEP Last Resort $40 M $702 M Charge $447.8 M OVEC $40 M Per Year (Est.) $1.8 Billion $368 M Per Year (Est.)

Electric Service OVEC Price Duke Regulatory Transition Charge Stability Charge Stabilization Rider HB 6 Coal Plant Subsidy $884 M $330 M $11.8 M OVEC $10.7 M Per Year (Est.) $1.2 Billion Per Year (Est.)

B=Billions; M=Millions Rev. 09/22/2020

OHIO LEGISLATIVE SERVICE COMMISSION

Russ Keller

Fiscal Note & Local Impact Statement

Bill: H.B. 247 of the 132nd G.A. Status: As Introduced

Sponsor: Rep. Romanchuk Local Impact Statement Procedure Required: No

Subject: Revise policies applicable to electric utilities

State & Local Fiscal Highlights  The bill has no direct fiscal effect on expenditures for state agencies or political subdivisions, but the bill might have the indirect effect of changing electricity costs if electric security plans are eliminated. Should retail electric rates increase or decline as a result of H.B. 247, there could be a corresponding impact in commercial activity tax revenue paid by affected utilities. Revenue from the tax is allocated primarily to the GRF. Detailed Fiscal Analysis H.B. 247 revises several state policies governing electric utilities. For a complete explanation of the changes, refer to the LSC Bill Analysis. The topics highlighted below are those that are most likely to have an indirect fiscal effect on governmental revenues and expenditures. The bill does not have a direct effect on state agencies or political subdivisions, but it could impact the electricity prices paid by these entities as well as state tax receipts collected from electric distribution utilities (EDUs). Elimination of electric security plans H.B. 247 requires an EDU's standard service offer (SSO) to be established only as a market rate offer (MRO) by eliminating the electric security plan (ESP) option and making the MRO mandatory. Under current law in R.C. 4928.141, an EDU must provide consumers within its certified territory a standard service offer of all competitive retail electric services necessary to maintain essential electric services to customers, including a firm supply of electric generation services. The SSO may be either an MRO in accordance with R.C. 4928.142 or an ESP in accordance with R.C. 4928.143. The MRO is determined through a competitive bidding process in which generation suppliers submit their least-cost bids. Existing law governing an ESP permits numerous rate components, but does not explicitly specify the rate calculation. The only substantive requirement is that the plan must be "more favorable in the aggregate as compared to the expected results" of an

www.lsc.ohio.gov November 28, 2017

MRO.1 In practice, the Public Utilities Commission of Ohio (PUCO) evaluates the quantitative and qualitative benefits when determining whether the proposed ESP is more favorable than the expected MRO.2 Moving to market-based rates would almost certainly change the rates that customers, including the state and local governments, pay for electricity. Current market conditions exhibit retail rates for electricity in Ohio that are significantly higher than wholesale rates (see chart below), which suggests the most likely impact of moving to market-based rates would initially be downward. The chart below illustrates trends in Ohio's average retail electric rate and the wholesale rates reported by the regional transmission organizer, PJM. Both retail and wholesale rates grew in the earliest years of the centrally organized market operated by PJM, but the subsequent downturn in wholesale prices has not been reflected in retail rates paid by Ohio customers. The lack of correlation between wholesale and retail prices emerges around calendar year 2009, which is the same year that Ohio's utilities began operating under ESPs. However, other external factors may be relevant. For example, the emergence of a large amount of unconventional natural gas production (i.e., shale gas) started in 2006-2007. The resulting drop in natural gas prices began in 2009 under the combined impacts of low electricity demand during the economic recession and a significant increase in supply.3 Trends in Ohio's Retail and Wholesale Electric Rates $0.12

$0.10

$0.08

$0.06

$0.04 Price per Kilowatt Hour perKilowatt Price $0.02

$0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Calendar Year First Year of ESP Ohio Retail Rate PJM Wholesale Rate

Source: Average Ohio retail price of electricity from U.S. Energy Information Administration; total wholesale power price from 2016 State of the Market Report for PJM

1 R.C. 4928.143(C)(1).

2 Most recently in an October 20, 2017 Opinion and Order that adopted Dayton Power and Light Company's current ESP (PUCO Case No. 16-395-EL-SSO).

3 Further discussion of this dynamic can be found in the U.S. Department of Energy's "Staff Report to the Secretary on Electricity Markets and Reliability." https://energy.gov/downloads/download-staff-report- secretary-electricity-markets-and-reliability.

Commercial Activity Tax H.B. 247 does not have a direct effect on Commercial Activity Tax (CAT) receipts, but if the bill changes electric charges for customers, Ohio's electric distribution utilities may remit more or less CAT revenue than they otherwise would absent the legislation. LSC cannot speculate on the potential indirect effect, but the table below provides the total CAT charges reported by EDUs in their most recent annual reports. The six utilities reported a combined total of $20.3 million in CAT charges during calendar year 2016. Under continuing law, the Commercial Activities Tax Receipts Fund (Fund 5GA0) consists of money arising from the CAT. The Department of Taxation's Revenue Enhancement Fund (Fund 2280) receives the first 0.75% of the money credited to that fund to defray the costs incurred by the Department. Of the remaining money in Fund 5GA0, 85% must be credited to the GRF, 13% to the School District Tangible Property Tax Replacement Fund, and 2% to the Local Government Tangible Property Tax Replacement Fund. Expenses of the latter two funds are fixed, with excess revenue transferred to the GRF, so the GRF would bear the full gain or loss of revenue after Fund 2280 gets its share.

Company-Reported CAT Charges During Calendar Year 2016 Electric Distribution Utility CAT Charged During 2016 Cleveland Electric Illuminating Company $2,473,429 Dayton Power and Light Company $2,725,934 Duke Energy Ohio, Inc.* $3,055,279 Ohio Edison Company $3,234,840 Ohio Power Company (AEP Ohio) $7,733,279 Toledo Edison Company $1,096,661 Total $20,319,422 *Company reported data adjusted by LSC using company's annual report to PUCO. The downward adjustment isolates CAT paid on behalf of electric utility receipts by excluding gas utility receipts. Source: FERC Form No. 1: Annual Report of Major Electric Utilities

Refunds for utility charges The bill requires that all charges paid by customers to any public utility that are later found to be unreasonable, unlawful, imprudent, or otherwise improper by PUCO, the Supreme Court, or another authority be promptly refunded to the customers who paid the charges. PUCO must order these refunds in a manner designed to allocate them to customer classes in the same proportion as the charges were originally collected. The refund provision may reduce costs to ratepayers, but LSC cannot predict the frequency (if any) with which this provision would be invoked in future years. If this language was in effect when a 2014 Ohio Supreme Court decision was issued, the ratepayers in American Electric Power's (AEP Ohio) two service territories would have

3 likely received refunds totaling $368 million.4 At the time, the Ohio Supreme Court found that PUCO erred when it approved certain charges contained in AEP Ohio's first ESP, in effect from 2009 to 2011. Although the Supreme Court regarded those charges as unjustified, it did not order the money refunded to customers, citing existing statute and case law against retroactive ratemaking.

HB0247IN.docx/lb

4 Supreme Court Document Ohio Supreme Court Slip Opinion, 2014-Ohio-462, affirming PUCO's decision in Case No. 08-0917-EL-SSO.

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