Glacial Energy is state option as AEP backs out of settlement with PUCO to freeze electricity rates.
(January 25, 2011- Central Ohio)
American Electric Power (AEP) abruptly decided to withdraw from a proposed settlement put forward by the Public Utilities Commission of Ohio (PUCO). The primary basis of the proposal specified that the rate cap for AEP Columbus Southern Power customers would change to 0 percent from 6 percent, not allowing any increased pricing. In turn AEP would not pay $18 million in environmental costs or any penalty incurred from excessive profits in 2009.
A delay in the settlement from the PUCO until January 2011 was brought about by objections from customer advocates and thus resulted in the settlement withdrawal by AEP. By cancelling discussions of a new settlement, AEP may now follow the previous agreement which allows them to raise rates by as much as 6 percent in 2011. Although AEP has claimed there will be no raised rate in January, an increased rate will generate an additional $114 million and cost the average customer $78 in 2011.
Since the deregulation of the Ohio energy market in 2008, customers have had the power to potentially save money on their electricity by switching to another supplier. Glacial Energy is a licensed Competitive Retail Electric Supplier (CRES) in Ohio and one of the fastest growing retail energy suppliers in the United States. Glacial Energy offers customers month-to-month contracts along with an indexed based product which can help customers save up to 20% on their utility bill.
Glacial Energy currently supplies electricity in 16 deregulated electricity markets and 15 deregulated natural gas markets. For more information on ways to save with Glacial Energy visit www.glacialenergy.com or follow them on Facebook, Twitter and LinkedIn.