JOINT STATEMENT FROM LIBERTY & KENTUCKY POWER
March 24, 2022
Liberty has negotiated with AEP to purchase Kentucky Power at a fair purchase price and maintain its current employees and operations in Eastern Kentucky. This transaction represents the best path forward for securing a strong future of reliable and cost-effective electric service, while preserving critical local jobs and creating new ones, all with a view to enhancing customer satisfaction.
“We appreciate and respect the interest that Attorney General Cameron and the members of the Kentucky Mountain Caucus of the General Assembly have taken in this important process. We have heard their concerns and addressed them in filings made at the Public Service Commission. We want to continue to work with them to help Eastern Kentucky thrive by providing significant benefits for the region including jobs and lower electric bills for Eastern Kentucky residents,” David Swain, President, Liberty South Region
- If the transaction is approved, Liberty has committed to lowering residential customer bills by 14 to 16 percent, potentially saving Eastern Kentuckians hundreds of dollars a year on their electric bills (depending on their electricity usage).
- These customer savings will only happen if the purchase is approved. They include a $40 million fund to help offset volatile fuel prices and a three-year “rate holiday” on the collection of the Big Sandy plant decommissioning rider that is currently part of Kentucky Power customer bills.
Liberty has committed to expanding Kentucky Power’s existing operations in the region, including keeping the current team of Kentucky Power employees, adding approximately 100 new jobs and maximizing the life of the Big Sandy Plant.
- Liberty plans on bringing approximately 100 new, good paying jobs to Eastern Kentucky including a customer advocate, in-person payment locations and local customer care agents to provide enhanced customer service.
- Liberty continually evaluates the best available power generation sources to serve its customers. We intend to work collaboratively with our customers and the Kentucky Public Service Commission (“PSC”) before any changes are proposed. Ultimately, any changes will require the approval of the PSC.
Liberty’s commitment to Eastern Kentucky and its promise to retain employees, create new jobs and provide lower electricity rates for customers is supported by numerous local officials and business groups who have sent letters supporting the purchase to the PSC.
More information about the benefits that Liberty expects to bring to the region are available atwww.LibertyKentuckyPower.com and in the testimony that Liberty and Kentucky Power filed with the PSC on March 18, 2022.
