State regulators are set to vote tomorrow on a multi-billion-dollar rate hike proposal from two electric utilities that critics call a coal plant bailout. Ohio Public Radio's Karen Kasler reports.
The plans from FirstEnergy and AEP call for charges to customers’ monthly bills to bring in guaranteed income for aging, struggling coal plants. FirstEnergy’s Bill Ridmann said back in January that he believes the plans have clear benefits to the companies and consumers.
“Both the economic development part of it -- the rate stability part of it for our customers under our rate stability rider. So I think overall I think we have a very strong record in the case.”
Though the plans call for some money to rebated to customers later, the Ohio Consumers’ Counsel has estimated the hikes would cost consumers $5.9 billion combined over eight years.
