Ohio regulators on Wednesday approved a $300 million base-rate increase for American Electric Power Co. to generate electricity, about half of what the Columbus-based company had asked for.
Public Utilities Commission of Ohio spokesman Matt Butler says it's unclear what effect that will have on customers' monthly bills until AEP comes out with a new rate schedule.
In a separate Wednesday agreement, PUCO approved AEP price increases for power delivery. Columbus Southern Power customers would see a $2 per month increase while Ohio Power customers would see that up $1.
The pair of agreements are part of a lead up to a more competitive market. Starting June 2015, power companies will bid on who gets to generate electricity. Butler says similar auctions in Ohio have saved customers money.