ROANOKE, Va. (WFXR) — Appalachian Power says due to increases in prices of coal, natural gas and purchased power, this year the cost of electricity will be going up. Virginia customers will see the price increase starting November 1.
“For a typical residential customer using 1,000-kilowatt hours in a month, this will result in an approximate $20 monthly increase in their bill,” said a statement released from Appalachian Power.
In 2021 the subsidiary of American Electric Power (AEP) says energy costs have risen due to a few factors such as COVID-19, inflation and the war in Ukraine. The issue has been addressed by the Virginia State Corporation Commission (SCC). The SCC’s job is to review the company’s fuel factor every year to determine a price.
Appalachian Power says they asked the SCC to spread the additional costs over a two-year period as opposed to doing it all in one year. This they hope will take away some of the burdens on customers.
“We recognize these are challenging financial times for many people and families,” said Chris Beam, Appalachian Power President and Chief Operating Officer. “We strive each day to keep fuel costs as low as possible, continuously monitoring energy markets for opportunities to purchase fuel and energy at prices that are advantageous to customers.”
The company is also looking to reduce customer costs by adding more renewable energy sources to the mix such as solar and wind power with this there is less of a need for coal and natural gas. They say so far approximately 6% of the power used by customers is generated by renewable power sources.
Appalachian Power says if their customers are having a hard time paying the bill they encourage them to reach out for assistance. One option is the Average Monthly Payment Plan (AMP) which helps customers avoid seasonal spikes by spreading those costs throughout the year.
To see more payment options on the Appalachian Power website click here.