3/1/2016
Appalachian Power, Wheeling Power file fuel costs with West Virginia Public Service Commission

Appalachian Power, along with Wheeling Power, today submitted its annual Expanded Net Energy Cost (ENEC) filing to the W.Va. Public Service Commission (PSC) for reimbursement of past and ongoing costs of fuel (primarily coal) and purchased power.

The $108 million filing includes approximately $76 million for past fuel costs and deferrals, as well as an $8 million adjustment to bring fuel and other charges in line with actual costs.

“The gap between actual fuel costs and the revenue collected through customer rates has been growing steadily over the past year,” said Appalachian Power President and COO Charles Patton. “While we are seeing lower costs for coal now, the coal we’ve already contracted for ? or even already have on the ground at our power plants ?  doesn’t reflect that lower cost. However, with time we will begin to see the positive effects of lower coal costs.”

Also included in the filing is $20 million in transmission investment for eight transmission construction projects now under way in the company’s service area.

Another $4.5 million is for recovery of construction costs associated with converting Appalachian Power’s Clinch River Plant from a coal-fired to a natural gas-fired plant. That conversion is almost complete, with one unit beginning to provide natural gas-fired power this week, and the other set to start this spring.

If the filing is approved by the Commission, a residential customer using 1,000 kilowatt-hours per month will see an increase of $8.70 or 8 percent. Combined with a previously announced rate adjustment, the request will bring the monthly bill to $125, close to the national average residential price for electricity of $127 for 1,000 kilowatt-hours. *

The company also filed with the PSC an annual report of its energy efficiency and demand side management programs. The company offers several energy efficiency programs to help customers reduce their usage and control costs.  More than 7,600 customers took advantage of these programs last year to reduce their electric usage.  Tips for saving energy, and information regarding how customers can participate in these energy efficiency programs can be found at www.TakeChargeWV.com.

 

* According to the U.S. Energy Information Administration, released February 26, 2016

http://www.eia.gov/electricity/monthly/epm_table_grapher.cfm?t=epmt_5_06_b

 

This report made by American Electric Power and its Registrant Subsidiaries contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although AEP and each of its Registrant Subsidiaries believe that their expectations are based on reasonable assumptions, any such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: electric load and customer growth; weather conditions, including storms; available sources and costs of, and transportation for, fuels and the creditworthiness and performance of fuel suppliers and transporters; availability of generating capacity and the performance of AEP’s generating plants; AEP’s ability to recover regulatory assets and stranded costs in connection with deregulation; AEP’s ability to recover increases in fuel and other energy costs through regulated or competitive electric rates; AEP’s ability to build or acquire generating capacity (including the ability to obtain any necessary regulatory approvals and permits) when needed at acceptable prices and terms and to recover those costs (including the costs of projects that are canceled) through applicable rate cases or competitive rates; new legislation, litigation and government regulation, including requirements for reduced emissions of sulfur, nitrogen, mercury, carbon, soot or particulate matter and other substances; timing and resolution of pending and future rate cases, negotiations and other regulatory decisions (including rate or other recovery of new investments in generation, distribution and transmission service and environmental compliance); resolution of litigation (including disputes arising from the bankruptcy of Enron Corp. and related matters); AEP’s ability to constrain operation and maintenance costs; the economic climate and growth or contraction in AEP’s service territory and changes in market demand and demographic patterns; inflationary and interest rate trends; volatility in the financial markets, particularly developments affecting the availability of capital on reasonable terms and developments impacting AEP’s ability to refinance existing debt at attractive rates; AEP’s ability to develop and execute a strategy based on a view regarding prices of electricity, natural gas and other energy-related commodities; changes in the creditworthiness of the counterparties with whom AEP has contractual arrangements, including participants in the energy trading markets; actions of rating agencies, including changes in the ratings of debt; volatility and changes in markets for electricity, natural gas, coal, nuclear fuel and other energy-related commodities; changes in utility regulation, including the implementation of the recently passed utility law in Ohio and the allocation of costs within regional transmission organizations; accounting pronouncements periodically issued by accounting standard-setting bodies; the impact of volatility in the capital markets on the value of the investments held by AEP’s pension, other postretirement benefit plans and nuclear decommissioning trust and the impact on future funding requirements; prices for power that AEP generates and sells at wholesale; changes in technology, particularly with respect to new, developing or alternative sources of generation; and other risks and unforeseen events, including wars, the effects of terrorism (including increased security costs), embargoes and other catastrophic events.

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