Ohio court rules against utility on profits
Written by By Associated Press   
Friday, 07 December 2012 09:12

COLUMBUS, Ohio (AP) — The Ohio Supreme Court has upheld a state law that keeps a utility from earning excessive profits.

The state's high court on Thursday rejected an argument by American Electric Power that the utility should not have been assessed a penalty for taking excessive profits in 2009.

The Columbus Dispatch (http://bit.ly/TJZyDc ) reports that the court, in a 6-1 decision, rejected AEP's argument that the penalty was based on a law too vague to be enforceable. The court also disagreed with business groups and consumer advocates who argued that the utility should have faced a larger penalty than the $42 million it paid.

The 2008 law gave utilities wide latitude to raise rates but also gave the Public Utilities Commission of Ohio the discretion to decide what constitutes excessive profit.

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Information from: The Columbus Dispatch, http://www.dispatch.com


Copyright 2012 The Associated Press.

 

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