AEP To Cut Rates In 2015
George Hiotis

AEP To Cut Rates In 2015

by George Hiotis on May 27, 2014

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.