CHARLESTON, WV (LOOTPRESS) – The Public Service Commission of West Virginia has denied the bulk of a $250.5 million rate increase sought by Appalachian Power Co. and Wheeling Power Co., but granted $76.1 million. However, customers will not be billed at a higher rate than they are now.
In the order, released late Thursday, the Commission said it “requires that the current rates remain unchanged pending future refinancing of a significant portion of the companies investment in generation plants and deferred expenses.”
The Commission said it would be approving “very soon” a securitization plan, which is a bonding system, to help spread the cost of those expenses.
“The companies will continue to bill customers at the current rates so there is no increase on customer bills resulting from this decision,” it said.
The companies asked for the 14.6 percent rates increase last November 1.
More information on this case can be found on the PSC website: www.psc.state.wv.us. Click on “Case Information” and access Case No. 25-0854-E-42T.
