AEP Rates Going Up

A typical American Electric Power customer will soon be paying $2 to $3 dollars more per month to help the company repay fuel costs. Ohio regulators approved the repayment plan Wednesday. AEP will pay back 642-million dollars in fuels costs that have stacked up over the past three years. The Columbus Dispatch reports AEP will repay the money over a seven-year schedule. The action begins to resolve issues from the State Public Utilities Commission’s 2009 approval of a three-year rate plan. The additional charge to customers could start as soon as next month. AEP has about 1.5 million customers in Ohio.