H.B. No. 120 Summary

• Repeals section 4928.148 of the Revised Code to eliminate provisions in H.B. 6 that authorized recovery of "prudently incurred costs" for legacy generation resources through customer charges.

• Terminates any existing mechanism for retail cost recovery related to legacy generation resources (generating facilities owned by corporations formed prior to 1960 by investor-owned utilities to provide power to the federal government, including Ohio Valley Electric Corporation).

• Requires utilities to promptly refund the full amount of revenues collected from customers through charges or riders established under the repealed section 4928.148, allocated to customer classes in the same proportion as originally collected.

• Prohibits revival, reimposition, or reinstitution of any cost recovery mechanism or rider related to legacy generation resources through PUC orders, decisions, or rules.

• Amends section 4928.01 to add definitions of "legacy generation resource" and "prudently incurred costs related to a legacy generation resource" before repealing the section.