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PSC approves 12.1 percent rate increase for AEP
CHARLESTON — West Virginia’s Public Service Commission says it’s granted Appalachian Power and Wheeling Power a 12.1 percent rate increase.
The commission says the new rate takes effect Thursday and covers the first year of what is expected to be four annual increases.
The utilities, both subsidiaries of Ohio-based American Electric Power, originally wanted a 43 percent rate increase, mostly to cover higher fuel costs. The commission decided to phase in the increase over four years to help customers, and says it’s reserved the right to adjust rates annually for the next three years.
The commission says AEP will take in $124.7 million in new revenue as a result of the increase.
