Press release
AEP Ohio Rate Case Settlement with 13 Others Approved By PUCO
GAHANNA, Ohio, Nov. 17, 2021 /PRNewswire/ -- AEP Ohio, an American Electric Power (Nasdaq: AEP) company, has received approval from the Public Utilities
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"GAHANNA, Ohio, Nov. 17, 2021 /PRNewswire/ -- AEP Ohio, an American Electric Power (Nasdaq: AEP) company, has received approval from the Public Utilities Commission of Ohio (PUCO) for new base rates for electric distribution service. AEP Ohio and 13 others, including the PUCO staff, the Office of the Ohio Consumers' Counsel, large industrial customer groups as well as commercial customers including Kroger Co. and Walmart, and the Ohio Hospital Association had submitted to the PUCO an agreement in March 2021 and was approved by the commissioners today. \nUnder the new rates, residential customers using 1,000 kilowatt-hours per month will see a decrease of $0.71 per month as compared to the rates in the Company's filing. The monthly customer charge will increase to $10 per month from $8.40. Reductions in other rates offset changes to the customer charge. In addition, there will no longer be a reconnection fee for customers disconnected for nonpayment. New base rates will take effect in 14 days. AEP Ohio last updated its base rates in 2011.\n\"Over the last decade, the men and women of AEP Ohio have done a lot of extraordinary work to improve the reliability of the service we provide,\" said Marc Reitter, AEP Ohio president and chief operating officer. \"Working with the Commission staff, the OCC, and many of our largest customers, we have charted a path forward to continue providing safe and electric service. The agreement between the 13 parties recognizes the progress we have made, the work that we still have ahead of us, and holds us accountable for getting the work done.\"\nThe PUCO's order allows AEP Ohio to expand and continue several programs it has put in place to address reliability and resiliency. AEP Ohio will invest over the next four years in improvements that help prevent power outages, make restoring service safer and faster, and help the electric grid operate more efficiently. The Distribution Investment Rider requires AEP Ohio submit a plan each year to the PUCO outlining how it will improve the reliability of electric service. These plans focus on how the work will maintain and improve safety, address reliability and resiliency, and improve the overall customer experience. The agreement also requires that AEP Ohio achieve certain reliability targets in order to collect the full amount of the funds under the program...