Both the PUCO and AEP agree: Based on their profit and loss statement (big profit, no loss), AEP overcharged us here in central Ohio by $149 million last year. If this excess profit were to be refunded, the average AEP customer would get back $102.
But AEP doesn't want to give us a refund. Instead, in their proposal to the PUCO, AEP proposes to voluntarily forego a scheduled 6% rate increase for next year. Such an increase would generate $114 million for AEP, and would add $78 to the average customer's annual bill.
So, let's review that math. AEP acknowledges overcharging us $149 million, but would like to keep $35 million of it anyway. Instead of giving me the $102 I'm owed, they want to give me $78 and tell me to be happy about it.
This sucker deal doesn't have final approval yet, but neither has the PUCO told AEP to fuck off. But I will.
"Hey, AEP! Gimme back my money, you bastards!"
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