Bluefield Daily Telegraph
A settlement agreement reached this week between power companies and the Public Service Commission of West Virginia could result in a rate decrease for customers.
Appalachian Power and Wheeling Power, together with the state PSC, the PSC Consumer Advocate Division and multiple industrial customers, filed a settlement agreement seeking the commission’s approval for a ENEC, or Expanded Net Energy Cost, designed to reimburse the company for past and ongoing fuel costs — mainly coal — and purchased power. This settlement, reached Monday, would result in a rate decrease for customers, Appalachian Power officials announced today.
The agreement reflects adjustments in fuel costs and purchased power as well as some construction costs. If the PSC approves the agreement, rates for residential customers will decrease by approximately three percent.
Customers paying $96.75 for 1,000 kilowatt hours of electricity would see their bills decrease by $2.93.
The PSC scheduled a hearing for Wednesday. If approved by the commission, the settlement would go into effect Sept. 1. As part of the agreement, the companies agreed to filed a base rate case no later than June 30, 2014.