Ohio policymakers settle on what the newspapers describe as a "hybrid" of regulation and deregulation. Apparently the bill has a "market option" for electricity prices. Some generation plants have been transferred to unregulated corporations, as happened in Maryland. Others are still owned by the regulated utilities. There is also a mandate for a certain amount of renewable generation. From the Cleveland Plain Dealer:

All utilities must first file traditional rate plans with the Public Utilities Commission of Ohio. FirstEnergy is the only utility that can then request a complete market rate because it has moved ownership of its power plants to an unregulated subsidiary. Downstate utilities can move to wholesale markets over the next 10 years, and only if the PUCO allows it.

If FirstEnergy chooses market rates, the PUCO will hold an auction or seek competitive bids from outside power companies -- an inherent risk for the Akron-based utility. The PUCO will then choose the least-cost bidders, which might be from the FirstEnergy subsidiary, or not. Once a utility goes to market, it cannot return to regulated rates.