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On November 1, 2024, we refiled a request with the Public Service Commission of West Virginia (PSC) to adjust our electric rates by 14.1%, an increase of $250.5 million. We have also requested two aggressive solutions to lessen both near-term and long-term rate impacts. This step is necessary to maintain and improve the service you depend on.
We propose to lessen our request's impact on you and your neighbors through securitization and to create a new rate-making method to eliminate several of our existing surcharges and reduce the frequency of rate adjustments.
More on securitization
In March 2023, West Virginia Governor Jim Justice signed into law legislation that allows the Public Service Commission to approve qualifying utilities, such as Appalachian Power, to securitize the unrecovered fuel balances, costs for Effluent Limit Guidelines (ELG) and Coal Combustion Residuals (CCR) environmental controls on power plants, unrecovered storm costs and the remaining net book value of power stations.
Securitization sells high-quality, highly-rated securities to investors, with interest and principal payments secured by a charge collected from customers. It allows Appalachian Power to recover commission-approved costs through the issuance of bonds.
Investing in and maintaining our generation, transmission and distribution network is essential for minimizing and shortening outages, accommodating growing energy demands and integrating new energy sources.
Since our last base rate increase more than five years ago, we have invested over a billion dollars in upgrading and modernizing the grid to ensure we are supporting you and your neighbors' current and future energy needs. The investments we've made - and will continue to make - allow us to restore power more quickly and efficiently following major storms, such as Hurricane Helene.
See our progress
Learn about base rates from President & COO Aaron Walker and discover resources that may be available for your energy needs. Let's work together to find the right option for you.
Our top priority is keeping power flowing to you and your neighbors. Hear from Manager of Distribution Systems Ray Fletcher about how base rates positively impact reliability in your community.
We recognize that this review comes when individuals, families and businesses are seeing higher costs for products and services, including electric bills.
Please know that we offer several programs, services and rebates to help you control your energy usage and lower monthly bills, including:
Average Monthly Payments
Payment Assistance Options
Energy Efficiency Programs
We propose to lessen the impact on our customers through securitization and implementing an alternative ratemaking approach to simplify our rates further while maximizing our investments to improve service reliability.
Our proposal to securitize our request through the sale of bonds would reduce the increase on all West Virginia customers by 72% from 14.1% to 3.8%, or a revenue increase of approximately $75 million. A West Virginia residential customer using 1,000 kilowatt-hours (kWh) would see an overall monthly bill increase of approximately 3.8%, or $6.72. Without leveraging the 2023 securitization legislation, traditional recovery would result in an overall monthly bill increase of 13.5%, or $23.74, for a residential customer using 1,000 kWh.
We proposed a new rate-making method that would eliminate several of our existing surcharges to stabilize future rates while improving reliability and reducing annual rate adjustment filings.
Our securitization proposal would result in an overall bill increase of approximately $6.72 per month, or 3.8%, for a residential customer using 1,000 kilowatt-hours (kWh) per month.
A traditional recovery would result in an overall bill increase of approximately $23.74 per month, or 13.5%, for a residential customer using 1,000 kWh per month.
The proposed Electricity Rate Stabilization (ERS) mechanism would eliminate several existing surcharges to stabilize future base rates within 3% annually while improving reliability and reducing annual rate adjustment filings.
Note: The average West Virginia Residential customer uses 1,123 kWh/month.
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