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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
"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
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."