ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Saturday, December 21, 1996 TAG: 9612230145
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE: SANDRA BROWN KELLY
American Electric Power Co. said Friday it has asked the State Corporation Commission for higher rates to recoup its higher fuel costs.
If granted, the increase would cost customers an additional $1.18, or 2 percent, per month on the price of 1,000 kilowatt hours of electricity beginning Feb.1. The company stands to get an additional $17 million in annual income, said spokesman Tom Ayres.
SCC rules allow electric utilities to recover actual fuel expenses, and Friday's filing resulted from an "under-recovery" of previous expenses, Ayres said.
Once a request is filed, the SCC schedules public hearings. Those likely will come in mid-January, he said.
This is the second time in a week that a utility's customers have received news of rate increases. On Thursday, Roanoke Gas Co. announced a 27 percent rate increase, beginning in January. The gas company is allowed to recover its wholesale gas costs from customers.
LENGTH: Short : 28 linesby CNB