Richmond, Virginia – Appalachian Power has settled with state regulators on a proposed rate hike.
Under this proposal, the average monthly bill for a residential customer, categorized as those consuming 1,000 kilowatts monthly, would see an increase of $16.
Previously, AEP had submitted a request to the State Corporation Commission, seeking approval for a rate augmentation that would raise monthly bills by $25.
Should the proposal gain approval, the new rates will be implemented from January onward. This adjustment is projected to boost AEP’s annual revenue by $127.3 million.