Agency tells APCo to refund $5.8 million to customers

Appalachian PowerRICHMOND, Va. (AP) _ State regulators have directed Appalachian Power to refund more than $5 million to Virginia customers. The money will be refunded as a credit on future bills over six months. The average residential customer will receive a total $6.85 credit. The directive follows a rate review by the State Corporation Commission. The commission said Wednesday that the review found Appalachian Power’s return on equity for 2012 and 2013 exceeded its authorized level. Appalachian Power’s maximum authorized return was 11.4 percent. During the two-year period, the commission says the company earned, on average, a return of equity of about 11.86 percent on its generation and distribution services.

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