PSC sets hearing on power line settlement

The state Public Service Commission has scheduled a hearing for late May to discuss a major settlement of part of the case over the $1.3 billion Trans-Allegheny Interstate Line, or TrAIL.

Commissioners set the hearing for 9:30 a.m. May 27 at PSC headquarters in downtown Charleston.

The PSC will hear testimony and allow questioning concerning the settlement between power line developers Allegheny Energy and the commission staff and consumer advocate.

In a Thursday order, the PSC also formally delayed its deadline for making a decision on the transmission line until Aug. 2 to consider the settlement.

AEP first-quarter profit more than doubles

COLUMBUS, Ohio - American Electric Power said Thursday its first-quarter earnings more than doubled from a year ago when it took a big charge for pollution controls installed at two West Virginia power plants.

The company said its results were bolstered by a financial settlement reached in January with Tractebel Energy Marketing Inc. In 2005, a federal judge in New York found Tractebel had breached a 20-year power purchase and sale agreement with AEP.

Columbus-based AEP, one of the nation's largest power generators, said it made $573 million, or $1.43 per share, for the quarter ended March 31 compared with profits of $271 million, or 68 cents a share, in the year-ago period. Revenue was up slightly to $3.5 billion from $3.2 billion.

AEP, which has 5 million customers in West Virginia and 10 other states, also has been helped by higher rates in parts of its service area.

The company said Thursday it received approval in the first quarter to recover costs from severe ice storms that hit Oklahoma in December and January. AEP also said it was seeing benefits from rate increases in Ohio, Virginia, West Virginia, Oklahoma and Texas.

From staff, wire reports

The state Public Service Commission has scheduled a hearing for late May to discuss a major settlement of part of the case over the $1.3 billion Trans-Allegheny Interstate Line, or TrAIL.

Commissioners set the hearing for 9:30 a.m. May 27 at PSC headquarters in downtown Charleston.

The PSC will hear testimony and allow questioning concerning the settlement between power line developers Allegheny Energy and the commission staff and consumer advocate.

In a Thursday order, the PSC also formally delayed its deadline for making a decision on the transmission line until Aug. 2 to consider the settlement.

AEP first-quarter profit more than doubles

COLUMBUS, Ohio - American Electric Power said Thursday its first-quarter earnings more than doubled from a year ago when it took a big charge for pollution controls installed at two West Virginia power plants.

The company said its results were bolstered by a financial settlement reached in January with Tractebel Energy Marketing Inc. In 2005, a federal judge in New York found Tractebel had breached a 20-year power purchase and sale agreement with AEP.

Columbus-based AEP, one of the nation's largest power generators, said it made $573 million, or $1.43 per share, for the quarter ended March 31 compared with profits of $271 million, or 68 cents a share, in the year-ago period. Revenue was up slightly to $3.5 billion from $3.2 billion.

AEP, which has 5 million customers in West Virginia and 10 other states, also has been helped by higher rates in parts of its service area.

The company said Thursday it received approval in the first quarter to recover costs from severe ice storms that hit Oklahoma in December and January. AEP also said it was seeing benefits from rate increases in Ohio, Virginia, West Virginia, Oklahoma and Texas.

From staff, wire reports