COLUMBUS—State Senator Steve Wilson (R-Maineville), Chairman of the Senate Energy and Public Utilities Committee, yesterday joined his Senate colleagues in passing Substitute House Bill 6, a comprehensive energy package that will lower costs for ratepayers across Ohio.
"I sincerely believe that our version of House Bill 6 is in the best interest of Ohioans, and I thank my colleagues and the advocates who helped us get here," stated Senator Wilson. "I am exceedingly proud of the time, passion and hard work that went into producing a very good product for Ohioans. We are taking a quantum leap forward with the State's diverse energy portfolio by taking care of ratepayers, improving transparency, and setting the conditions for new opportunities in regards to jobs and clean energy."
Early in the committee process, Wilson made it clear that he wanted to ensure a compromise was struck that gives Ohioans a net rate reduction, helps set the conditions (with guardrails) for providing support to Ohio's two nuclear energy plants so that they will continue operating in Ohio, improve transparency, and ultimately deliver a simple, focused and comprehensive bill to frame Ohio's energy policies moving forward.
Major details of the legislation in the version passed by the Senate include:
Reducing Rates for Customers: Because of the legislation, from 2021 through 2027, Ohio ratepayers will annually pay $137 million less for electricity. This will reduce a residential ratepayer's electricity bill by about $2.82 per month. In total, over those seven years, the overall electric bills of Ohio ratepayers will be reduced by over $961 million.
Saving the Nuclear Plants: Contingent on annual management and financial reviews, Ohio's qualifying nuclear plants will receive $150 million to continue operating in Ohio until 2027. Under certain circumstances, the State will be able to reduce or stop those payments before 2027.
Boosting Solar Power Development: In order to help encourage a diversified energy portfolio in this state, the bill separately allocates $20 million per year to use in the development of solar energy.
Additionally, the legislation takes important steps to ensure that renewable energy continues to be encouraged in Ohio.
For more information regarding Substitute House Bill 6, click here.