GAHANNA, OH, Oct. 27, 2021 – AEP Ohio, an American Electric Power (Nasdaq: AEP) company, today filed a settlement, with unanimous support or agreement not to oppose from all interested parties, for its grid modernization expansion plan with the Public Utilities Commission of Ohio (PUCO) to bring advanced smart grid technologies including smart meters, customer access to real-time energy usage data, and distribution system reliability enhancements throughout its service territory. Parties to the settlement include PUCO staff, the Ohio Consumers’ Counsel, industrial user groups, the Ohio Hospital Association, competitive retail electric suppliers, the Smart Thermostat Coalition and Mission:data.
AEP Ohio plans to invest more than $220 million over the next 7 years in smart grid equipment in the rural areas of its service territory during the phase 3 of its smart grid program. This expansion will ensure that all AEP Ohio customers benefit from smart grid technologies. The average residential customer using 1,000-kilowatt hours of electricity per month will see an average increase of $0.33 per month for the program.
“For a decade, customers in parts have seen the benefits of the first two phases of our smart grid rollout and today’s settlement means that all of our customers will have access to a more efficient, and smarter electric grid,” said Marc Reitter, AEP Ohio president and chief operating officer. “We know that our customers rely on the power we deliver, and the improvements we are making gives them more control and can help them save money.”
Under this plan, AEP Ohio will install approximately 475,000 additional smart meters across the state. More than 900,000 smart meters have already been installed under phases 1 and 2 of the smart grid program. Smart meters provide many benefits to customers, including detailed energy usage information and the ability to detect and report outage information to AEP Ohio.
The plan also includes the installation of other smart grid technology that has been installed during previous phases. These include Volt Var Optimization, which automatically monitors and controls the voltage levels on a distribution circuit, reducing customers’ energy consumption on that circuit without any action required by the customer. The result is customer energy savings without the customer needing to take any action.
Customers will also be eligible for energy-savings programs, including a rebate for the installation of a qualifying smart thermostat. Additional customer programs, like time of use rates will also become more impactful under the program. AEP Ohio will contribute $250,000 to its Neighbor to Neighbor program which helps qualifying AEP Ohio customers pay their electric bill. Customer contributions are matched dollar-for-dollar by AEP Ohio.
About AEP Ohio
AEP Ohio is based in Gahanna, Ohio, and is a unit of American Electric Power. AEP Ohio provides electricity to nearly 1.5 million customers. News and information about AEP Ohio can be found at AEPOhio.com.
American Electric Power, based in Columbus, Ohio, is powering a cleaner, brighter energy future for its customers and communities. AEP’s approximately 16,800 employees operate and maintain the nation’s largest electricity transmission system and more than 223,000 miles of distribution lines to safely deliver reliable and affordable power to 5.5 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 5,900 megawatts of renewable energy. The company’s plans include growing its renewable generation portfolio to approximately 50% of total capacity by 2030. AEP is on track to achieve an 80% reduction in carbon dioxide emissions from 2000 levels by 2030 and has committed to achieve net zero by 2050. AEP is recognized consistently for its focus on sustainability, community engagement, and diversity, equity and inclusion. AEP’s family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. For more information, visit aep.com.