FRANKFORT, Ky. — Kentucky Power is preparing to file its application for a rate increase later this week, and the company has revealed just how much customers may soon be paying.
According to a statement on the utility’s website, the company plans to file its request with the Kentucky Public Service Commission (PSC) on Friday, seeking to raise residential rates by 14.9% and commercial and industrial rates by 13% to 15%.
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The last rate hike came in 2024, when the PSC approved a 10% increase after Kentucky Power initially requested 18%. At that time, the PSC said the average residential bill would be around $155. If the new request is granted, that same bill would rise by roughly $23.
Kentucky Power says the proposed hike is needed due to a declining population, reduced industrial activity in Eastern Kentucky, and infrastructure upgrades required to improve reliability during severe weather.
The PSC will review the application and could approve, deny, or adjust the requested increase. If approved, the new rates would likely take effect next spring.
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