AEP Ohio files settlement addressing Energy Security Plan
AEP Ohio, an American Electric Power company, filed a settlement with the Public Utilities Commission of Ohio (PUCO) this week addressing the company’s Electric Security Plan (ESP).
The agreement covers aspects of the ESP such as electric vehicle (EV) charging, renewable generation and distribution grid reliability through 2024.
“This agreement provides AEP Ohio customers with rate stability through 2024 and establishes a framework to allow us to support advanced services, such as EV charging stations, micro grids and renewable energy, for our customers,” Julie Sloat, AEP Ohio president and CEO, said.
The agreement allows AEP Ohio to invest in infrastructure and grid modernization projects and develop pilot programs for EV charging station development and micro grids, which will be funded by a new charge that will end once the demonstration projects are completed in four years.
A typical residential customer using 1,000 kilowatt-hours per month would see a per-month increase in their bill of less than 50 cents.
“Ohio needs reliable electricity from a diverse mix of resources to continue growing the economy and to meet the needs and expectations of customers,” Sloat said. “The ESP agreement will allow us to continue investing in the electric grid to provide reliable power and help advance the new technologies and cleaner energy that our customers want.”
