Appalachian Power seeks $297M energy cost adjustment for its Expanded Net Energy Cost
To compensate for increased fuel and electricity costs, Appalachian Power and Wheeling Power this week filed a request with the Public Service Commission of West Virginia (PSC) to jump its Expanded Net Energy Cost (ENEC) rate by $297 million.
“With the steep and rapid rise in energy and fuel costs over the past several months, the ENEC revenues we collect from customers have been and are projected to be significantly less than the cost of the energy provided to customers,” Chris Beam, Appalachian Power president and COO, said. “The longer that goes on, the greater the deficit grows, and that’s what necessitates this request.”
The ENEC is a mechanism that reimburses Appalachian Power dollar-for-dollar on coal and natural gas used to fuel power plants and purchased power. The rate is regularly adjusted in the face of changing expenditures. However, if the latest adjustment is approved, the average residential monthly bill would increase by $18.41 beginning Sept. 1, 2022.
The average customer using about 1,000 kW hours of energy currently pays approximately $155.66 per month.
