This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

AEP Ohio Files Notice Of Intent To Submit Modified Electric Security Plan

COLUMBUS, Ohio, March 6, 2012 /PRNewswire/ -- AEP Ohio, a unit of American Electric Power (NYSE: AEP), notified the Public Utilities Commission of Ohio (PUCO) yesterday of its intention to file a modified Electric Security Plan (ESP) by the end of March. At that time, AEP Ohio will file modifications to its pending application filed January 2011 as allowed following the commission's Feb. 23 revocation of its previous approval of the company's stipulated agreement.

"AEP Ohio plans to file a modified ESP by March 30 and will propose leaving in place the current rate plan pending the outcome of the new ESP proposal," said Joseph Hamrock, AEP Ohio president and chief operating officer.

AEP also would like swift resolution regarding the company's ability to corporately separate and transfer its generation assets in Ohio.

"In order for us to transition to market as planned, we must corporately separate and transfer our generation assets," said Nicholas K. Akins, AEP president and chief executive officer. "The commission's denial of AEP Ohio's corporate separation, which it had previously approved, has much broader implications for the state of Ohio. A reasonable transition to fair competition in an environment of regulatory certainty is critically important to attract jobs and investment to Ohio."

AEP Ohio filed a motion for relief and a request for an expedited ruling on Feb. 27 with the PUCO to determine an interim capacity charge that competitive retail generation suppliers would pay AEP Ohio for use of its generation assets. In the filing, the company argued that providing all of its generating capacity to competing retail energy suppliers at a deeply discounted rate would have an immediate and significant adverse financial impact on AEP Ohio.

"The settlement agreement reached last year with various stakeholders and initially approved by the commission allowed AEP Ohio a reasonable transition to market over a period of time," said Hamrock. "Today, we have filed additional information with the commission clearly indicating that the relief sought will not impede competition in our service territory."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs