Charleston, WV (WOAY) – The Public Service Commission of West Virginia (PSC) has issued a decision about Appalachian and Wheeling Power Company’s funding proposals.
The companies petitioned the Commission on April 28, 2023, to review their fuel costs in an Expanded Net Energy Cost case.
PSC denied the company’s request for $231.8 million to cover past fuel costs, faulting the companies for “unreasonable management.”
However, the commission allowed the companies to recover $321.1 million over a decade at $32.1 million annually.
Starting September 1, average ratepayers using 1,000 kilowatts of power monthly will pay an additional $2.50 monthly for ten years.
The rates include a 4 percent annual “carrying charge.”
PSC’s decision rejected the power companies’ proposed settlement to enact a long-range securitization bond system on ratepayers.
The system would have cost customers $2.9 billion over the 20-year life of the bonds, costing customers $3.17 a month.
The commission stated the companies did not maintain enough fuel supplies and manage their coal-fired plant operations adequately to avoid volatile energy costs as they promised.
Additionally, PSC said excessive costs accumulated by company actions should not be “shouldered entirely by the customers.”
For more information on this case, visit psc.state.wv.us.
