COLUMBUS, Ohio – American Electric Power customers will see smaller bills for a while.
State utility regulators ordered AEP yesterday to refund nearly $7 million because of excessive profits earned in 2010.
AEP customers in central and southern Ohio will see the refunds in the form of credits on their electric bills over the next few months.
The Public Utilities Commission of Ohio determined Columbus Southern Power had “excessive earnings” for 2010 under Ohio law and should return $6.9 million.
The ruling cites a 2008 law that made it easier for utilities to raise rates but said their profits must not be “significantly excessive.”
A spokesman for the Ohio Consumers’ Counsel says the total to be returned to customers is about one-fifth of the $35 million recommended by that consumer advocacy agency. He says a PUCO staff witness had recommended more than $22 million.
AEP Ohio didn’t immediately return a message seeking comment after business hours Wednesday.