Article in the Columbus Dispatch on March 24, 2023
AEP Ohio announced late Thursday that its customers will see an increase to their electric bills come June.
The average residential customer who uses 1,000 kilowatt-hours of energy each month can expect their bill to increase about 28% from around $155 to $198, the power company said on its website. The rates will be in effect until May 2024.
The increase is due to “higher generation supply prices and increased energy use, especially during the summer months,” Marc Reitter, AEP Ohio’s president and chief operating officer, said in an email to customers.
“We understand an increase in your bill — no matter how big or small — is not welcome news,” he wrote. “Unfortunately, this change is out of our control and was determined by recent auctions to secure the energy supply needed to serve our customers.”
The following bill will show the results of this increase!
Take the Supply Charge of $39.40 and divide by total kWh which is 526 kWh. $39.40/526 = $.0749 pwr kWh. Now if it were increased by 28%, the new rate would be 1.28 x $.0749 = $.0958 per kWh. The new supply charge would be $.0958 x 526 kWh = $50.43 which is $$11.03 more! This will make the total charge on bill at $103.10. Now I am going to look at my website www.lenzenergy.net and choose Direct Energy as my supplier at $.0659/kWh. This would result in the supply charge at $.0659 x 526 kWh = $34.66 per kWh which is $15.77 lower that the proposed increased 28%. Now the total bill is 87.33. If this looks appealing, then go to my website and choose the energy rate which appeals to you. You have nothing to loose except the increase you will pay if you don’t switch. I will personally guarantee satisfaction or I will help you return to your Utility Supplier, since there is no charge to switch. There is absolutely NO Charge to switch suppliers.
Now what happans when the 12 month contract expires. You can switch back to the Utility or look for a new supplier and new contract. If you forget and use my website I will receive notices and will notify you about contract expiring. Generally if nothing is done, then the supplier would keep you as a customer, however: you would be charged at their existing rate at the time and it would be a variable one and not a fixed since suppliers raise their rates accordingly just like the utility company. Since I am an Energy Consultant and you use my website, I will look after your needs by reviewing rates periodically. You are in good hands with Lenz Energy.