Maybe Ohio should try deregulating its utilities for real next time
Many media outlets reported that FirstEnergy Corp.’s new CEO, Chuck Jones, is calling for “re-regulation” of Ohio’s electric industry. It created quite the buzz.
Jones stated in a recent earnings call that he never called for re-regulation, and that any assertion to the contrary is inaccurate. I believe him.
Though Jones may not be calling for re-regulation, there is no shortage of others who are. But ultimately, this question of whether Ohio should “re-regulate” is moot. For something to be re-regulated, it must first be deregulated. Any close look at the electric rates of Ohio’s investor-owned utilities makes it clear that heavy-handed regulation remains alive and well in the state.
It is not time to re-regulate Ohio’s electric industry. It is time to re-deregulate.