FirstEnergy Will Refund $306 Million to Ohio Customers in a New Settlement

One of the nation’s largest utility holding companies has agreed to refund customers of its three Ohio electric companies $306 million for collecting significantly excessive profits over a three-year period.

The settlement between Akron-based FirstEnergy Corp. and the Ohio Consumers’ Counsel and other groups was announced Monday.

It includes $96 million in direct refunds, including $51 million to residential customers.

Customer bills will see another $210 million in credits over a four-year period starting in 2022.