AEP Ohio filed a proceeding with the PUCO to address the Tax Cuts and Jobs Act of 2017 (TCJA) issues in its rates charged to customers.
The OMA Energy Group (OMAEG), along with other parties, intervened in this proceeding in order to ensure that members’ interests are protected and that the full benefit of the TCJA is passed back to customers, as required by law.
After extensive negotiations with AEP, PUCO staff, and the other parties to the case, all parties reached a settlement that resolves the tax issues and begins including the effects of the TCJA in the rates charged to customers, including refunds, immediately.
The total value of the settlement to AEP customers is estimated to be more than $600 million.
OMA energy counsel Kim Bojko, Carpenter Lipps & Leland, wrote: “This settlement reasonably addresses the changes in federal tax law brought about by the TCJA and allows all of AEP’s customers to begin realizing tax savings on their monthly bills in November or December. As such, OMAEG joined all other parties to this case in agreeing to the settlement. The parties anticipate that this settlement could be approved in time for November bills to reflect these tax savings.” 10/1/2018