Liberty negotiated with AEP to buy Kentucky Power and maintain operations in eastern Kentucky. Liberty is currently working through the Kentucky Public Service Commission (PSC) approval process and expects to complete the transaction by mid-2022.
Liberty recently took an important step in this process and filed rebuttal testimony with the PSC to address concerns raised about our proposed purchase of Kentucky Power and to correct some of the misinformation regarding the proposed transaction. According to Liberty, the submission also includes important details about the many benefits Liberty will provide residential customers in Eastern Kentucky once this transaction is complete.
As part of its entry into Kentucky, Liberty said it has committed to a number of direct customer benefits that could reduce residential customer bills by 14-16% immediately after the close of the transaction. These benefits would include the creation of a $40 million fund to help offset fuel rate volatility and the institution of a “tariff holiday” on Big Sandy downgrade rider collection for three years. . In addition, Liberty has committed to the current rate freeze in place through 2023, he said.
Liberty’s purchase of Kentucky Power represents the best path forward to ensure a strong future of reliable, cost-effective electric services for the region, he said, while preserving critical jobs and creating new ones to grow. our local presence and ensure customer satisfaction.
Liberty said it is committed to ensuring a seamless transition for customers in the coming months and looks forward to serving the people of Eastern Kentucky.
Visit www.LibertyKentuckyPower.com for more information.