AEP Wants To Freeze Rates In Exchange For Keeping 'Excessive Profits'

[The Straight Story]

AEP Wants To Freeze Rates In Exchange For Keeping 'Excessive Profits'

COLUMBUS, Ohio — American Electric Power wants to keep $100 million in excessive profits, but consumer groups said that money should be returned to Ohio consumers.

AEP has reached a settlement with the Public Utilities Commission Ohio that would let it keep more than $100 million and in exchange the power company promised not raise rates next year, Consumer 10's Kurt Ludlow reported on Wednesday.

"We've got lights all over, we got lights up here in the corner (that) come on automatically," said AEP customer Sergio Damiani.

SPECIAL SECTION: Consumer 10

Damiani's house has so many security lights that his electrical panel needs 88 fuses.

His AEP bill is $450 a month, Ludlow reported.

Sergio and 750,000 other Columbus Southern Power customers helped AEP reach a profit of more than $270 million in 2009.

http://www.10tv.com/live/content/local/stories/2010/12/01/story-columbus-aep-record-profits.html?sid=102