>>State Regulators Approve Smaller Rate Increase than Requested by Appalachian Power
(Richmond, VA) -- State regulators have approved a rate increase for Appalachian Power. Rebecca Hughes with more.Preview: Voicer Script:
The move allows the company to earn $9.768 million dollars more revenue per year for the next two years. This is a fraction of the $95.1 million increase initially requested by the utility. The Cardinal News reports the decision comes after criticism from residents, lawmakers, and advocacy groups over previous rate hikes. The State Corporation Commission's order was praised by environmental advocates for striking a balance between the company's financial health and customer impact. The approved rate increase will take effect on January 1, as it is the largest electric utility in southwest Virginia.