George Hiotis

AEP To Cut Rates In 2015

by George Hiotis on May 27, 2014 at 2:00 am

American Electric Power is planning to cut rates for most residential customers by more than 12 percent. A typical household bill would be 12.6 percent less than under current rates under a plan submitted by the utility.  That’s based on forecasts of market conditions next year, when the plan would take effect. The Columbus Dispatch reports that a trial-like regulatory hearing process to implement the cut begins next week.  The Public Utilities Commission of Ohio will issue a ruling later this year, and the plan would take effect in June 2015.  The rate would fall because AEP will be buying power through an auction process in which power-plant operators compete to offer the lowest price.  AEP has about 1.5 million customers in Ohio.