|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.
Information from: The Columbus Dispatch, http://www.dispatch.com
Copyright 2012 The Associated Press.
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