RICHMOND, Va. (AP) -- Virginia regulators have approved an interim reduction of the rate Appalachian Power charges customers to recover its fuel costs.
The decision announced Friday by the State Corporation Commission will reduce the utility's fuel rate from 2.876 cents per kilowatt hour to 2.197 cents. The interim rate will go into effect Aug. 1.
Appalachian Power asked the commission on June 10 to lower its fuel rate by more than $100 million annually. The utility says it would be the largest reduction since the fuel rates began appearing on bills in the late 1970s.
A public hearing on the rate reduction will be held at 10 a.m. Sept. 21 in Richmond.