Akron, Ohio utility FirstEnergy Corp. is asking the Public Utilities Commission of Ohio to declare a market shortage of solar energy after determining it can't meet state standards for the generation source, the Cleveland Plain Dealer reports.
The company originally planned to meet state-mandated levels of solar-generated power by buying credits from other companies that churn it out. But First Energy says it can't hit the mark – 0.5 percent of all power sold in Ohio by 2024 - even using that method.
The Plain Dealer notes American Electric Power Company Inc. (NYSE:AEP), unlike FirstEnergy, has mounted in-state solar projects in an attempt to hit the mark. If FirstEnergy gets the PUCO declaration, it will avoid paying fines.
SOURCE: http://www.bizjournals.com/columbus/morning_call/2011/01/firstenergy-no-way-to-meet-states.html
