The State Corporation Commission (SCC) concluded a revised triennial review of the base rates for Appalachian Power Company that reduces the annual rate increase that has been in effect on an interim basis since October 1, 2022.
For a residential customer using 1,000 kilowatt-hours of electricity a month, the new rates result in a monthly charge of approximately $6 compared to the interim charge of $8.55. Appalachian Power will submit revised tariffs to the SCC that recalculate the bill impact of the application of the new rates and refund the difference with interest to customers within 90 days of the Commission order.
In August, the Supreme Court of Virginia found that the SCC did not have the authority last year to decide whether it was reasonable for Appalachian Power to include costs associated with the closure of several coal-fired plants in its accounting expenses between 2017 and 2019. The Commission had found that the costs, called an asset impairment charge, were unreasonable.
The Court directed the SCC to revise its final decision in the triennial review and remanded the case to the Commission for further proceedings.
