FirstEnergy's three Ohio utilities would be required to refund $306 million to customers as part of a settlement agreement that is subject to review.

According to the release, the settlement was filed Monday with the Public Utilities Commission of Ohio (PUCO) and is subject to review and approval from PUCO commissioners.

The settlement agreement would resolve 10 pending regulatory proceedings related to 2017-2020 annual earning tests, a four-year review of FirstEnergy's electric security plan, and 2014-2018 energy efficiency audits.

Ohio law requires PUCO to review electric distribution utilities' annual earnings and examine their annual return on equity compared to other situated utilities across the U.S.

The release says the agreement is unopposed and supported by PUCO staff.

The agreement calls for the utilities to refund $96 million including interest related to 2017-2019 annual earning tests.

Customers would receive a one-time bill credit of $27 and nonresidential customers would be provided about $2.60 per megawatt-hour credit over a six-month period.

The remaining $210 million would be refunded as bill credit between 2022 and 2025.