A new legislative proposal, House Bill 15, has been introduced in Ohio aiming to reform the state's electric utility laws. The bill proposes significant changes, including the repeal of an existing energy law that permits cost recovery for investor-owned utilities' investments in the Ohio Valley Electric Corporation (OVEC). Buckeye Power, which owns an 18% stake in OVEC, has supported this provision as a protective measure against increasing energy costs.
House Bill 15 also seeks to eliminate electric security plans for investor-owned utilities (IOUs), permitting only default generation service through standard service offers. Additionally, it would allow competitive retail energy suppliers (CRES) to directly bill IOU customers and shift the Tangible Property Tax on generation to distribution and transmission providers.
The bill's sponsor, Representative Roy Klopfenstein (R-Haviland), stated: "Ohio has experienced significant economic growth in recent years, thanks to projects like Intel and, more recently, Anduril Industries coming to our state. We’re currently ranked number one in the nation for infrastructure and economic development investment. However, these successes have highlighted the urgency of creating a comprehensive plan that not only supports the continued growth of these opportunities but also improves affordability for all Ohioans."
House Bill 15 is now under consideration by the House Energy Committee. Meanwhile, additional energy-related legislation is expected to be introduced soon in the Ohio Senate.