Feb 29 (Reuters) - U.S. power company American Electric Power Co's Ohio subsidiary filed a plan with Ohio utility regulators that would slightly reduce power rates for residential customers.
Industrial and manufacturing customers however will see rates increase, the company said in a release late Tuesday.
AEP filed the new rate plan, called an Electric Security Plan in Ohio, after the Public Utilities Commission of Ohio (PUCO) last week rejected the company's previously approved stipulated rate agreement.
Earlier this week, AEP Ohio filed a motion with the PUCO for relief and a request for an expedited ruling specifically regarding generation capacity charges following the commission's Feb. 23 order rejecting the previously approved rate agreement.
Under the new rate plan, AEP said the average residential customer using 1,000 kilowatt-hours (kWh) per month would see rates fall about $1.78 or 1.5 percent in its Ohio Power territory and about $5.37 or 4.3 percent in its Columbus Southern Power territory compared to January and February 2012.
This is a return to the rates charged as of December 2011.
AEP said the new rate proposal reflect the full cost of fuel, carrying costs for environmental investments, the remaining cost of fuel charges deferred and capped in previous years, and the removal of riders previously approved under the stipulated agreement.
AEP Ohio provides electricity to nearly 1.5 million customers in Ohio and the the northern panhandle of West Virginia.