AEP Rates Could Fall Slightly Next Year

Jan 6, 2014

American Electric Power is proposing a rate reduction for Ohio customers beginning in the summer of 2015 - one the state's utility watchdog says doesn't go far enough.

The Columbus-based utility says its electricity rates are expected to fall by as much as 9 percent over three years - a monthly savings of around $6 to $10 per month for a typical household. The Ohio Consumers Counsel says the utility's rates are still too high even with the reduction. A spokesman for the office says AEP is one of the two utilities charging the highest rates to customers in the state. AEP says the expected lower rates are coming because of falling prices for electricity in wholesale markets.