News

Appalachian Power to reduce rates for Virginia customers due to federal tax reform

Appalachian Power announced Monday that it would implement a 50 million interim rate reduction for its customers due to federal tax rate changes, starting with their August bills.

The Federal Tax Cuts and Jobs Act, approved by Congress in late 2017, reduced the corporate income tax rate from 35 percent to 21 percent, effective Jan. 1, 2018.

Once the interim rate is fully implemented, a typical residential customer using 1,000 kilowatt-hours (kWh) per month will see a bill reduction of approximately $4.83. This rate reduction equates to a cost of approximately 11.1 cents/kWh residential customer using 1,000 kilowatt-hours per month. The total bill would be about $110.67.

The interim rate will be in effect until April 2019, when a permanent rate will be established.

Appalachian Power, a unit of American Electric Power (AEP), serves approximately 1 million customers in Virginia, West Virginia, and Tennessee. AEP delivers electricity and custom energy solutions to nearly 5.4 million customers in 11 states.

Kevin Randolph

Recent Posts

South Carolina legislation will help Duke Energy Progress customers save money

Innovative legislation will help Duke Energy Progress customers in South Carolina save $35 million in repair costs from a series…

3 days ago

Appalachian Power, Wheeling Power file cost recovery submissions for West Virginia

Looking to recover costs associated with increased fuel and vegetation management expenditures, Appalachian Power and Wheeling Power recently submitted new…

3 days ago

Hawaiian Electric launches online siting tool for electric vehicle charging stations

As a way to aid the deployment of electric vehicle charging stations, Hawaiian Electric this week released the online Electric…

3 days ago

AEP issues 2024 corporate sustainability report

American Electric Power (AEP) released its 2024 Corporate Sustainability Report, which documents its sustainable business practices, strategy, performance and impact.…

3 days ago

Louisville Gas and Electric and Kentucky Utilities issue RFP for solar, wind and hydro

Louisville Gas and Electric Company (LG&E) and Kentucky Utilities (KU) issued a Request for Proposals (RFP) for new solar, wind,…

4 days ago

Southern Power brings Wyoming’s first solar facility online

Wyoming gained its first solar facility this week, and Southern Power its 30th, with the beginning of operations at the…

4 days ago

This website uses cookies.