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AEP proposing rate cut of more than 12 percent for most Ohio residential customers
Reported by: Associated Press
Reported: Tuesday, May 27, 2014 6:59 AM EDT
American Electric Power is planning to cut rates for most residential customers by more than 12 percent.
The Columbus Dispatch reports that a trial-like regulatory hearing process to implement the cut begins next week. The Public Utilities Commission of Ohio will issue a ruling later this year, and the plan would take effect in June 2015.
The rate would fall because AEP will be buying power through an auction process in which power-plant operators compete to offer the lowest price.
AEP has about 1.5 million customers in Ohio.
Information from: The Columbus Dispatch, http://www.dispatch.com