Power companies file settlement agreement with PSC
CHARLESTON, W.Va. (AP) — Appalachian Power and Wheeling Power have filed a settlement agreement seeking to use tax reform funds to offset fuel and vegetation management costs, allowing customer rates to remain stable for two years.
The companies said in a news release that the agreement was filed Monday with the West Virginia Public Service Commission, which must approve the deal.
The settlement would offset $110 million in costs. The release said without the agreement, rates could have risen by as much as 11 percent.
Appalachian Power and Wheeling Power are units of American Electric Power Co.