2/14/2019
Appalachian Power, Wheeling Power introduce new incentive rate for businesses to encourage economic development

Appalachian Power, along with Wheeling Power, are offering new or expanding businesses an extra incentive to operate in West Virginia – a discount on their electric service.

“We’re looking at every possible tool we can provide to make our state more competitive on a national and international scale. We want to encourage companies to come to the state and grow their business here,” said Appalachian Power President and COO Chris Beam. “We’re hoping this incentive rate will help tip the scales in West Virginia’s favor as businesses choose where to locate or expand.”

The new rate applies to new or existing customers who have new demand of 500 kilowatts (kW) or more and create at least 10 jobs or invest at least $2.5 million in their West Virginia expansion. It will amount to an approximate 15 percent overall discount on their electric service.

Beam said the company created the incentive rate plan to help the state attract new business and grow existing businesses. If successful, the increased electrical load would benefit all customers in the state by spreading fixed costs among more customers. The discount will not cause any increase to current customers’ bills.

“This will give us a competitive edge to encourage existing business expansion and to attract new businesses and jobs to our region,” said David Lieving, president and CEO of the Huntington Area Development Council. “Economic development is extremely competitive, and even though we are fortunate in West Virginia to have competitive energy costs, this rate incentive will give us a great tool for new growth opportunities.”

New or existing companies will work with Appalachian Power to determine how they can take advantage of the incentive rate and how it will affect their overall electricity costs. The discount was approved by the Public Service Commission effective Jan. 31.

 

Appalachian Power has 1 million customers in Virginia, West Virginia and Tennessee (as AEP Appalachian Power). It is a unit of American Electric Power, one of the largest electric utilities in the United States, delivering electricity and custom energy solutions to nearly 5.4 million customers in 11 states. The company and its AEP affiliates employ approximately 2,300 people in West Virginia, making AEP one of the largest employers in the state. It is also one of the largest taxpayers in the state. AEP owns the nation’s largest electricity transmission system, a more than 40,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP also operates 224,000 miles of distribution lines. AEP ranks among the nation’s largest generators of electricity, owning approximately 26,000 megawatts of generating capacity in the U.S. AEP supplies 3,200 megawatts of renewable energy to customers.

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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