FOR IMMEDIATE RELEASE
May 26, 2006
(512) 463-0120 office
AUSTIN -- Senator Juan "Chuy" Hinojosa sent a letter Wednesday to Paul Hudson, chair of the Public Utility Commission urging that American Electric Power (AEP) return $250 million it overcharged residential and businesses customers.
AEP is proposing paying back the money over 14 years which would amount to the rate relief of only pennies a month. Senator Hinojosa is urging the PUC to rule that AEP pay back the overcharges in the next six months which would result in approximately a $30 monthly reduction for electricity customers over a six month period.
"A refund this summer would help working families pay their bills during a time when the cost of energy has skyrocketed," Senator Juan "Chuy" Hinojosa said. "This money belongs to the ratepayers. AEP is already overcharging the public and they want to fatten their already outrageous profits."
The PUC will likely consider AEP's proposal in the next two months.
"The money needs to be returned to customers as soon as possible," Senator Juan "Chuy" Hinojosa said.
AEP which is based in Columbus, Ohio is valued at $13 billion. The company serves 700,000 customers in 44 South Texas counties.