CHARLESTON, W.Va., March 15, 2023 – Appalachian Power, along with Wheeling Power, today submitted a petition to the Public Service Commission of West Virginia (PSC) to update current rates for the Modified Rate Base Cost (MRBC) tracker and surcharge mechanism. Initially approved in August 2021 by the PSC, the tracker allows limited recovery of costs associated with infrastructure investments made between base rate cases.
The MRBC is designed to provide timely cost recovery of incremental investments not recovered through current rates, and to decrease the size and frequency of base rate case filings.
The company is proposing to increase MRBC rates currently in effect by approximately $10 million, effective September 1, 2023. This represents a 0.58 percent increase over total current revenue and falls below the 3 percent annual cap on the tracker ordered by the Commission. If approved, the monthly bill would increase by $1.23 for a residential customer using 1,000 kilowatt-hours.
Appalachian Power has 1 million customers in Virginia, West Virginia and Tennessee (as AEP Appalachian Power). It is part of American Electric Power (AEP), which is focused on powering a cleaner, brighter energy future for its customers and communities. AEP’s approximately 17,000 employees operate and maintain the nation’s largest electricity transmission system and more than 224,000 miles of distribution lines to safely deliver reliable and affordable power to 5.6 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 6,900 megawatts of renewable energy.