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AEP Appalachian Power announces rate increase

AEP Appalachian Power announces rate increase

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Kingsport Power, doing business in Tennessee as AEP Appalachian Power, this week filed an application with the Tennessee Public Utility Commission (TPUC) that would raise residential customer rates by approximately 6.8% and provide customers with new options and benefits.

The proposal includes three optional programs for residential customers. One of the options will save money for customers who shift their electric usage away from the peak time for winter heating and summer cooling. A second program saves money for customers who charge their electric vehicles during off-peak times. A third option would allow residential customers to support renewable energy. For a fee, customers can subscribe to certificates that show renewable energy was generated and delivered to the grid on their behalf.

The company’s application also seeks approval of an economic development incentive. Under the program, qualifying commercial and industrial customers that establish or substantially expand their operations would receive a 40% reduction on the additional electric load generated by the expansion for a period of five years.

The rates AEP Appalachian Power customers currently pay for electricity were set in 2016. Based on the filing, the increase would raise the average monthly bill for a typical residential customer using 1,000 kilowatt-hours of electricity by $7, effective July 2022.

AEP Appalachian Power serves approximately 50,000 customers in Eastern Tennessee.

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