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Hike in Electric Bills
Thursday, August 2, 2012    
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The average AEP customer will pay $2-$3 more per month.

COLUMBUS, Ohio (AP) - A typical American Electric Power customer will soon be paying $2 to $3 more per month to the help the company repay fuel costs. Ohio regulators approved the repayment plan, Wednesday. AEP will pay back $642 million fuel costs that have stacked up over the past three years.

The Columbus Dispatch reports AEP will repay the money over a seven-year schedule.The action begins to resolve issues from the state Public Utilities Commission's 2009 approval of a three-year rate plan.The additional charge to customers could start as soon as next month.

AEP has about 1.5 million customers in Ohio.