FRANKFORT, Ky. — Kentucky Power has filed a proposed settlement of its rate hike request, which if approved would see the company received increased revenues of about half of what it had originally been asking.
The proposed settlement agreement is between Kentucky Power and most of the parties who had filed to intervene in the case. The other parties include, Kentucky Industrial Utility Customers, Kentucky School Boards Association, Kentucky League of Cities, Wal-Mart Stores East and Sam’s East, and Kentucky Cable Telecommunications Association.
Under the terms of the settlement, residential customers would see their rates increase 9 percent. That is down from the 16 percent Kentucky Power had first been seeking.
The settlement would also prevent the utility from seeking additional rate increases until at least 2021.
Notably absent from the agreement is the Office of the Attorney General and Kentucky Commercial Utility Customers Incorporated.
The settlement must still be approved by the Kentucky Public Service Commission.