AKRON, Ohio, Oct. 8 /PRNewswire-FirstCall/ -- Hundreds of businesses in Detroit Edison's service area are saving money by switching their electric generation supplier to FirstEnergy Solutions (FES), the competitive subsidiary of Akron-Ohio based FirstEnergy Corp. (NYSE: FE). Now FES is offering more businesses the opportunity to take advantage of savings should legislation pass that would increase the current cap on shopping in Michigan.
If the cap is increased from its current level of 10% of the utility's total electricity demand to 25%, a limited number of businesses will be permitted to shop, and businesses on the waiting list will be the first eligible to participate.
"Last year we were able to sign up one of our facilities with FirstEnergy Solutions − and as a result, we could save up to $400,000 over the term of the contract," says Jim Royce, Controller for Michigan Seamless Tube LLC in South Lyon, Michigan, with over 80 years of experience manufacturing custom cold drawn seamless tubes. "FirstEnergy Solutions' pricing is more predictable than buying electricity from the local utility, which makes budget preparation and forecasting easier and more accurate, and we're no longer on an interruptible rate."
Royce added, "We contacted FirstEnergy Solutions to ensure another one of our facilities is on the waiting list, so that we can take full advantage of any shopping opportunities that arise."
"We're pleased to be able to provide Detroit-area businesses with competitively priced electric generation," says FirstEnergy Solutions Vice President of Sales & Marketing Arthur Yuan. "Even businesses that are currently with an alternative supplier should contact us for a risk-free savings analysis. Then they won't be looking for pricing when their contract ends or lose their opportunity to shop by returning to the utility."
To receive a free, no-obligation electric generation quote, commercial and industrial customers can contact FirstEnergy Solutions at 1-800-977-0500, or visit www.fes.com.
FirstEnergy Solutions currently provides energy-related products and services to retail customers, including supplying electric generation to thousands of business customers throughout Illinois, Maryland, Michigan, New Jersey, Ohio and Pennsylvania.
FirstEnergy is a diversified energy company headquartered in Akron, Ohio. Its subsidiaries and affiliates are involved in the generation, transmission and distribution of electricity, as well as energy management and other energy-related services. Its seven electric utility operating companies comprise the nation's fifth largest investor-owned electric system based on serving 4.5 million customers in Ohio, Pennsylvania and New Jersey; and its generation subsidiaries control approximately 14,000 megawatts of capacity.
Forward-Looking Statements: This news release includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "believe," "estimate" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual results may differ materially due to the speed and nature of increased competition in the electric utility industry and legislative and regulatory changes affecting how generation rates will be determined following the expiration of existing rate plans in Pennsylvania, the impact of the regulatory process on the pending matters in Ohio, Pennsylvania and New Jersey, business and regulatory impacts from American Transmission Systems, Incorporated's realignment into PJM Interconnection, L.L.C., economic or weather conditions affecting future sales and margins, changes in markets for energy services, changing energy and commodity market prices and availability, replacement power costs being higher than anticipated or inadequately hedged, the continued ability of FirstEnergy's regulated utilities to recover regulatory assets or increased costs, operation and maintenance costs being higher than anticipated, other legislative and regulatory changes, revised environmental requirements, including possible greenhouse gas emission regulations, the potential impacts of the proposed rules promulgated by the EPA on July 6, 2010, in response to the U.S. Court of Appeals' July 11, 2008 decision requiring revisions to the Clean Air Interstate Rules or any final laws, rules or regulations that may ultimately replace CAIR, the uncertainty of the timing and amounts of the capital expenditures needed to, among other things, implement the Air Quality Compliance Plan (including that such amounts could be higher than anticipated or that certain generating units may need to be shut down) or levels of emission reductions related to the Consent Decree resolving the New Source Review litigation or other similar potential regulatory initiatives or actions, adverse regulatory or legal decisions and outcomes (including, but not limited to, the revocation of necessary licenses or operating permits and oversight) by the Nuclear Regulatory Commission, Metropolitan Edison Company's and Pennsylvania Electric Company's transmission service charge filings with the Pennsylvania Public Utility Commission, the continuing availability of generating units and their ability to operate at or near full capacity, the ability to comply with applicable state and federal reliability standards and energy efficiency mandates, the ability to accomplish or realize anticipated benefits from strategic goals (including employee workforce initiatives), the ability to improve electric commodity margins and to experience growth in the distribution business, the changing market conditions that could affect the value of assets held in FirstEnergy's nuclear decommissioning trusts, pension trusts and other trust funds, and cause it to make additional contributions sooner, or in an amount that is larger than currently anticipated, the ability to access the public securities and other capital and credit markets in accordance with FirstEnergy's financing plan and the cost of such capital, changes in general economic conditions affecting the company, the state of the capital and credit markets affecting the company, interest rates and any actions taken by credit rating agencies that could negatively affect FirstEnergy's access to financing or its costs or increase its requirements to post additional collateral to support outstanding commodity positions, letters of credit and other financial guarantees, the state of the national and regional economies and the associated impact on the company's major industrial and commercial customers, issues concerning the soundness of financial institutions and counterparties with which FirstEnergy does business, the expected timing and likelihood of completion of the proposed merger with Allegheny Energy, Inc., including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed merger that could reduce anticipated benefits or cause the parties to abandon the merger, the diversion of management's time and attention from our ongoing business during this time period, the ability to maintain relationships with customers, employees or suppliers as well as the ability to successfully integrate the businesses and realize cost savings and any other synergies and the risk that the credit ratings of the combined company or its subsidiaries may be different from what the companies expect and the risks and other factors discussed from time to time in its Securities and Exchange Commission filings, and other similar factors. The foregoing review of factors should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy's business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy expressly disclaims any current intention to update any forward-looking statements contained herein as a result of new information, future events, or otherwise.
SOURCE FirstEnergy Corp.