PSC approves long-term bond financing strategy involving Appalachian and Wheeling Power

Charleston, WV (WOAY) State regulators have approved a plan aimed at easing the burden of rising electric rates.

The Public Service Commission has signed off on a long-term bond financing strategy involving Appalachian Power and Wheeling Power.

The plan, known as securitization, allows the companies to issue bonds to cover certain costs, intending to lower what customers would otherwise pay through traditional rate increases. 

Officials say the move is expected to provide meaningful savings and rate relief, though final customer costs have not yet been determined. 

The plan could cover up to 2.5 billion dollars in expenses, including storm damage, fuel costs, and environmental upgrades.

Before moving forward, the companies must submit final financing details for approval.