AEP plans rate drop in Ohio beginning in 2015

COLUMBUS, Ohio (AP) — American Electric Power is proposing a rate reduction for Ohio customers beginning in the summer of 2015 — one the state's ratepayer watchdog says doesn't go far enough.

The Columbus-based utility says its electricity rates are expected to fall by as much as 9 percent over the three-year period starting in June 2015.

That means a monthly savings of around $6 to $10 per month for a typical household.

The Ohio Consumers' Counsel says the utility's rates are still too high even with the reduction and above market rates.

A spokesman for the office says AEP is one of the two utilities charging the highest rates to customers in the state.

An AEP spokeswoman says the expected lower rates are coming because of falling prices for electricity in wholesale markets.

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