Appalachian Power Co. needs about 25 percent more electricity than it generates to meet customers' demands. How it makes up that deficit will have a big impact on future rates. Power generation accounts for almost 75 percent of a customer's electric bill.
Appalachian Power Co. officials say the Legislature needs to allow the company to float customer-backed bonds or else Appalachian will be forced to ask for a dramatic rate increase this year. Appalachian, which sells power to half of the state, is backing new legislation that will allow it to sell low-interest bonds guaranteed by ratepayers.
Appalachian Power customers could pay about $60 million to help Century Aluminum restart its Ravenswood smelter under a new rate plan drawn up by the power company's attorney. The state Public Service Commission wrapped up three days of hearings on Century Aluminum's special rate proposal Wednesday.
In mid-November, about 300 Appalachian Power employees celebrated "Read to Me Day" by sharing a book with students at more than 410 elementary schools in the company's service area. Employee volunteers read the book "How Ben Franklin Stole the Lightning" to elementary school students. The book, written and illustrated by Rosalyn Schanzer, of Fairfax Station, is about Franklin's many inventions, including how he used his discovery about lightning. They then donated the books to the schools' libraries.
The president of Appalachian Power said Thursday the utility will soon file paperwork with state and federal regulators to buy two West Virginia power plants from a sister subsidiary of its parent company, American Electric Power. At a coal mining symposium in Charleston on Thursday, Patton said the purchase of the two 800 megawatt Mitchell units near Moundsville would be a good deal for his company, which currently buys power from those plants.
Southwest Virginia's dramatic shift in less than a decade from having some of the nation's cheapest electric rates to paying rates more in line with national averages reflects increasing environmental scrutiny and the changing dynamics of a global coal market, the president of Appalachian Power Co. told Roanoke business and community leaders Wednesday. Charles Patton said those trends, particularly of more global demand and higher prices for coal, are unlikely to change and will lead the utility to look toward natural gas as a less expensive option.
Appalachian Power Co. President and Chief Operating Officer Charles Patton characterized the company's proposed 7 percent rate hike as "a start" toward achieving the rate of return the company seeks. Patton testified Wednesday at a hearing called by the West Virginia Public Service Commission, which regulates utilities in the state. The commission wanted to hear why Appalachian Power and other interested parties agreed Tuesday to a 7 percent rate increase for residential customers instead of the 17 percent hike Appalachian Power and Wheeling Power originally proposed.
The president of Appalachian Power said Thursday the utility will soon file paperwork with state and federal regulators to buy two West Virginia power plants from a sister subsidiary of its parent company, American Electric Power. At a coal mining symposium in Charleston on Thursday, Patton said the purchase of the two 800 megawatt Mitchell units near Moundsville would be a good deal for his company, which currently buys power from those plants.
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