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.
Under 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.
"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."
The 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.
The PUCO also approved new programs that will enhance the
services AEP Ohio is able to offer customers. These initiatives
include:
- AEP Ohio also provides streetlight service to cities, townships
and other local governments. Over the next five years, these AEP
Ohio-owned streetlights will be converted to LED fixtures. LED
lights are more efficient, offer more control over lighting levels
and other smart lighting features. The change to LEDs will reduce
energy use and costs.
- Electric vehicle (EV) drivers also benefit from a new charging
program that provides reduced rates for charging EVs at times when
demand is low. These rates help shift charging to off-peak hours,
better utilizing the electric grid for all customers and encourage
the electrification of the transportation sector.
- A new renewable Distributed Generation pilot provides benefits
to customers generating their own electricity and encourages the
use of renewable energy resources. The program will be available to
primary voltage customers with 1-5 megawatts of onsite renewable
generation.
The reliability of AEP Ohio's service has improved over the last
several years, according to several industry measures. Tree
trimming, tree removal, and other programs that ensure electric
lines remain clear have helped significantly reduce outages. Since
AEP Ohio has initiated four-year tree trimming cycles, outages from
trees within the company's rights of way have dropped 80%. AEP Ohio
will continue these efforts under the approved rates and will
continue to work with landowners to remove trees that might cause
an outage, but are not on AEP Ohio property.
About AEP Ohio
AEP Ohio is based in Gahanna,
Ohio, and is a unit of American Electric Power. AEP Ohio
provides electricity to nearly 1.5 million customers. News and
information about AEP Ohio can be found at AEPOhio.com.
American Electric Power, based in Columbus, Ohio, is powering a cleaner,
brighter energy future for its customers and communities. AEP's
approximately 16,700 employees operate and maintain the nation's
largest electricity transmission system and more than 224,000 miles
of distribution lines to safely deliver reliable and affordable
power to 5.5 million regulated customers in 11 states. AEP also is
one of the nation's largest electricity producers with
approximately 31,000 megawatts of diverse generating capacity,
including more than 5,900 megawatts of renewable energy. The
company's plans include growing its renewable generation portfolio
to approximately 50% of total capacity by 2030. AEP is on track to
achieve an 80% reduction in carbon dioxide emissions from 2000
levels by 2030 and has committed to achieve net zero by 2050. AEP
is recognized consistently for its focus on sustainability,
community engagement, and diversity, equity and inclusion. AEP's
family of companies includes utilities AEP Ohio, AEP Texas,
Appalachian Power (in Virginia and
West Virginia), AEP Appalachian
Power (in Tennessee), Indiana
Michigan Power, Kentucky Power, Public Service Company of
Oklahoma, and Southwestern
Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas
Panhandle). AEP also owns AEP Energy, which provides
innovative competitive energy solutions nationwide. For more
information, visit aep.com.
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SOURCE American Electric Power