State Says Columbus Southern Power Should Refund Customers
The Public Utilities Commission of Ohio says Columbus Southern Power had "excessive earnings" for 2010 under state law and should return 6.9 million dollars to customers.
The ruling involving the American Electric Power operating company cites a 2008 law that made it easier for utilities to raise rates but said their profits must not be "significantly excessive." The Ohio Consumers' Counsel says the amount to be returned to customers is one-fifth of the total it recommended. A PUCO staff witness had recommended more than 22 million dollars in refunds. AEP on Wednesday reported a third quarter profit of 433 million dollars.