American Electric Power recorded $972 million in profits in the three months ending Sept. 30, up from $960 million a year ago.
That’s while the company sought, but was denied, a rate increase for Appalachian Power customers in West Virginia. A rate increase is pending for Kentucky Power customers.
Amid the record profits, Appalachian Power has been losing money on its coal plants in West Virginia. According to data filed with state regulators in Virginia, a unit at its largest coal plant, John Amos, failed during record electricity demand in January as temperatures plunged.
Kentucky Power told the Kentucky Public Service Commission that it will need to repair or replace a structurally falling concrete cooling tower at its Mitchell coal plant. Customers would bear at least some of that cost, but the company plans to seek federal assistance as well.
Appalachian Power had sought a 14% rate increase in West Virginia. Kentucky Power is seeking a 15% rate increase from its customers in eastern Kentucky.
The company also announced Wednesday a $72 billion capital plan for the next five years.
It would add 28 gigawatts of power to meet the growing needs of data centers and industrial customers.
In its third quarter earnings presentation, the company identified its growth states as Ohio, Indiana, Oklahoma and Texas.
That excludes any of the company’s footprint in Kentucky, West Virginia and Virginia.
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