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The average Ohio household can expect to pay about $8 more every month now that American Electric Power’s proposed rate plan has been approved by the Public Utility Commission of Ohio, the Columbus Dispatch reports.
The 6.3 percent increase was a part of AEP’s convoluted new rate plan, which will go into effect in September. The rates fall in line with the 5-to-7 percent increase the utility had expected when it first proposed the idea.
According to the news source, business electricity rates are expected to rise between 1 and 4 percent, much lower than the 40 percent increase a number of businesses faced when an earlier rate change went into effect. This, however, was thrown out by PUCO, and asked the utility to readjust its proposal.
“We have worked hard to minimize bill impacts on customers as we transition to a competitive-market model,” Pablo Vegas, AEP Ohio president, said in a statement.
Fortunately for Ohio residents and businesses, energy deregulation laws have created a thriving and competitive retail energy market. By switching to one of the retail energy providers, many customers have found not only better rates, but improved service and reliability.