Business & Technology
8:32 am
Wed August 3, 2011

Ohio Plan Would Trade Electric Rate Cuts for Jobs

COLUMBUS, Ohio – Ohio regulators are proposing that companies get breaks on their electric bills for certain levels of new hiring and investment in the state.

Public Utilities Commission of Ohio spokeswoman, Beth Trombold, tells The Columbus Dispatch the plan is aimed at boosting jobs and economic development. It’s likely the rate cuts would mainly go to large businesses and that other electric customers would pay more.

The proposed electricity discounts would start at 2 percent for a company that hires 75 workers with new payroll of at least $5 million, or invest $50 million on buildings and equipment. The potential top saving would be 20 percent if a firm adds 125 or more workers with new payroll of at least $17.5 million, and has capital spending of at least $200 million.