STATEMENT FROM LIBERTY REGARDING PURCHASE OF KENTUCKY POWER FROM AEP
Liberty has negotiated with AEP to purchase Kentucky Power and maintain its operations in eastern Kentucky. We are currently working through the approval process at the Kentucky Public Service Commission (PSC) and expect to complete the transaction by mid-2022.
Today, Liberty reached a milestone in this process and filed rebuttal testimony with the PSC to address concerns raised regarding our proposed purchase of Kentucky Power, and to correct some of the misinformation around the proposed transaction. Our submission also includes important details about the many benefits Liberty will provide to residential customers throughout eastern Kentucky once this transaction has been completed.
As part of its entry into Kentucky, Liberty is committed to a number of direct customer benefits that could decrease residential customer bills 14-16% immediately upon closing of the transaction. These benefits would include the creation of a $40 million fund to help offset volatile fuel rates and institution of a “rate holiday” on the collection of the Big Sandy decommissioning rider for three years. Furthermore, Liberty has committed to honor the current rate freeze in place through2023.
Liberty’s purchase of Kentucky Power represents the best path forward for securing a strong future of reliable and cost-effective electric service for the region, while preserving critical jobs and creating new ones to grow our local presence and ensure customer satisfaction.
We are committed to ensuring a seamless transition for our customers in the months ahead and look forward to serving the people of eastern Kentucky.
Please visit www.LibertyKentuckyPower.com to learn more about this exciting opportunity for eastern Kentucky.
Part of Algonquin Power & Utilities Corp., Liberty is committed to providing safe and reliable natural gas, water, and electricity distribution services to over one million customer connections. With a customer-centric approach to management, Liberty seeks to provide a superior customer experience through local management of walk-in centers, conservation and energy efficiency initiatives, and programs for businesses and residential customers. We measure our performance in terms of service reliability, customer satisfaction, and public and workplace safety. Liberty’s North American distribution operations include Arizona, Arkansas, California, Georgia, Illinois, Iowa, Kansas, Massachusetts, Missouri, New Hampshire, New York, Oklahoma and Texas in the United States, and New Brunswick in Canada.