Skip to content

AEP Saddles Rate Payers with Even Bigger Bailout Bond Issue

April 6, 2012

The WV Senate added a little bonus to the AEP bailout bond bill at the end of the 2012 legislative session.  They changed the wording of the bill to allow AEP to add even more costs to its special bailout bond issue.  AEP is making sure they take full advantage of the Legislature’s gift.  Too bad if you are an Appalachian Power rate payer.

When they introduced their bailout bill, APCo lobbyists said they only wanted to stick rate payers for the $350 million they paid for high priced coal in 2008.  Keryn has the news that APCo has just filed its new rate case at the WV PSC and, guess what?  APCo wants to roll a total of $391.8 million into their bailout bonds which APCo customers will be paying for years to come.

Looks like buy now, pay later has now come to the WV PSC by way of the Legislature.  What if demand continues to fall and APCo’s coal costs continue to rise?  APCo customers will face more rate increases on top of the 10 years or more on the bailout bonds.

We saw it coming.  Give APCo a small loophole, and they’ll drive a truck through it.  APCo rate payers should thank their local legislators.  Chances are very good that your legislator voted to let APCo screw you.

About these ads
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 229 other followers