Statement Regarding the FERC Complaint and Press Release Issued by the Kentucky Attorney General and Public Service Commission

Rhea-AI Summary

Kentucky Power has issued a response to a complaint filed with the Federal Energy Regulatory Commission by Kentucky's Attorney General and Public Service Commission. The company strongly disputes claims about their transmission investments and rate levels, stating that current customer rates are actually lower than in 2022.

The company, serving approximately 162,000 customers across 20 eastern Kentucky counties, emphasizes that their transmission investments benefit customers through increased reliability and access to low-cost generation resources. Their parent company, American Electric Power (AEP), plans to invest $54 billion from 2025 through 2029 to enhance customer service and support community energy needs.

Kentucky Power, with over 235 employees, maintains its commitment to economic development in eastern Kentucky and offers solutions for customers to manage energy costs. The company expressed willingness to collaborate with government and regulatory partners to address electricity cost concerns.

Positive

• Customer rates are lower compared to 2022 levels
• Parent company AEP commits to substantial $54 billion investment plan (2025-2029)
• Strong transmission infrastructure provides access to low-cost generation resources

Negative

• Regulatory challenges from Kentucky Attorney General and Public Service Commission
• Concerns raised about transmission investments and rate levels

News Market Reaction – AEP

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+1.24% News Effect

On the day this news was published, AEP gained 1.24%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

ASHLAND, Ky., March 13, 2025 /PRNewswire/ -- Kentucky Power President Cindy Wiseman issued the following statement in response to the complaint filed by Kentucky's Attorney General and the Public Service Commission with the Federal Energy Regulatory Commission March 12 and the associated news release:

"Kentucky Power strongly disagrees with the claims made by the Attorney General and PSC and has demonstrated in previous commission proceedings that our customers benefit from transmission investments in Kentucky and the region. A strong transmission grid provides our customers and communities with increased reliability and access to low-cost generation resources. The claim that our rates are the highest in the Commonwealth is simply untrue. In fact, Kentucky Power customer rates are lower today than they were in 2022, the year referred to in the press release. For more than 100 years, we have served eastern Kentucky, and we take our responsibility to serve our customers and communities seriously.

Our commitment to our customers is shared by our parent company, American Electric Power. AEP's new CEO has visited our state five times in his first few months with the company to listen and learn from state and local leaders, share ideas to reduce rates through legislation and explore ways to be a partner in the redevelopment of eastern Kentucky. Kentucky Power and our more than 235 employees want our 162,000 customers to benefit from economic development opportunities in the region, and electric infrastructure is an important piece of that puzzle.

We understand that affordability is important to our customers, and we encourage customers to contact us for assistance managing their energy costs. We have offered solutions to lower customer bills and will continue to look for opportunities legislatively and with our regulators. We welcome the opportunity to work with our government and regulatory partners to find productive solutions to reduce the impact of electricity costs and power eastern Kentucky's future."

About Kentucky Power

Kentucky Power, headquartered in Ashland, Ky., provides service to approximately 162,000 customers in all or part of 20 eastern Kentucky counties. Kentucky Power is part of American Electric Power (Nasdaq: AEP), which is investing $54 billion from 2025 through 2029 to enhance service for customers and support the growing energy needs of our communities. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement.

 

 

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SOURCE Kentucky Power Company

FAQ

What is the size of AEP's planned investment from 2025 through 2029?

AEP plans to invest $54 billion from 2025 through 2029 to enhance customer service and support growing energy needs in their communities.

How many customers does Kentucky Power serve in eastern Kentucky?

Kentucky Power serves approximately 162,000 customers across 20 eastern Kentucky counties.

What is the current trend in Kentucky Power's customer rates compared to 2022?

According to the company, Kentucky Power's customer rates are lower now than they were in 2022.

How many employees does Kentucky Power currently have?

Kentucky Power employs more than 235 people.

What is Kentucky Power's response to the FERC complaint filed by Kentucky's AG and PSC?

Kentucky Power strongly disagrees with the claims, stating their transmission investments benefit customers through increased reliability and access to low-cost generation.