PUCO Approves Deal Returning Federal Tax Cut Proceeds To AEP Customers
The Public Utilities Commission of Ohio has approved an agreement returning proceeds of the federal tax cut to customers of Columbus-based American Electric Power.
Commissioners insisted utilities begin tracking over-collections when using delivery rates developed under the previous 35-percent federal tax rate, rather than the new 21-percent rate. AEP agreed to return customers 278 million dollars for certain tax deferrals over 25 years and another 178 million over six years. The company also will add 20.4 million in tax savings per year toward its next rate adjustment.