Liberty’s Purchase of Kentucky Power
Means a Bright Future for Eastern Kentucky
Liberty’s Purchase of Kentucky Power
Means a Bright Future for Eastern Kentucky
Liberty has negotiated with AEP to purchase Kentucky Power and maintain its operations in Eastern Kentucky.
Liberty has negotiated with AEP to purchase Kentucky Power and maintain its operations in Eastern Kentucky.
Liberty has negotiated with AEP to purchase Kentucky Power and maintain its operations in Eastern Kentucky.
Liberty worked with AEP to purchase Kentucky Power and secure the chance to maintain its operations in eastern Kentucky. The Kentucky Public Service Commission (PSC) issued its order approving the transaction on May 4, 2022. We are waiting for approval from the Public Service Commission of West Virginia and the Federal Energy Regulatory Commission and expect to complete the transaction.
Liberty’s purchase of Kentucky Power represents the best path forward for a strong future of reliable, cost-effective electric service for customers in the region and significant job creation and retention.
Liberty, AEP and Kentucky Power are working together to ensure a seamless transition for our customers in the months ahead. We’ll continue to update this website with more updates as they become available.
As part of its entry into Kentucky,
Liberty is committed to a number of direct customer benefits
Creating a $40 million fund to help offset volatile fuel rates. The Eastern Kentucky Fuel Relief Fund will appear as a credit on bills once the transition to Liberty is complete. This credit will be most beneficial to customers during the winter heating months when the dollar amount credited will be larger. The credit provided by Liberty will be available through 2023 and will not be recovered in rates.
Instituting a “rate holiday” on the collection of the Big Sandy decommissioning rider for three years, resulting in an $84 to $108 per year bill decrease for customers. The Decommissioning Rider is a current line item on customer bills.
Strong Public Support
Bright Future for Eastern Kentucky
Securing the future of Kentucky Power’s operations with the promise of reliable, cost-effective electric service to customers throughout the region.
New Jobs & Economic Impact
Maintaining Kentucky Power’s Ashland headquarters and making a significant commitment to eastern Kentucky with new jobs while positively impacting the economy and delivering on the promise of reliable, cost-effective electric service.
New Jobs & Economic Impact
Maintaining Kentucky Power’s Ashland headquarters and making a significant commitment to eastern Kentucky with new jobs while positively impacting the economy and delivering on the promise of reliable, cost-effective electric service.
Locally-Focused Electric Service
Ensuring a strong, local customer service presence in the communities we serve is a core element of Liberty’s operations. Liberty will maintain Kentucky Power’s local headquarters in Ashland, KY; create a position supporting customer advocacy; and establish a call center in the service territory.
Know the Facts
No Rate Increases
Rates won’t increase as a result of the transaction. Liberty will honor existing commitments to not seek any rate increases through 2023. In fact, Liberty plans to start off with a three-year rate holiday from the Big Sandy Plant decommissioning rider—an $84 to $108 per year decrease for customers.
Transaction Approval
The PSC’s approval of the transaction between Liberty and Kentucky Power will ensure we can bring these benefits and many more to eastern Kentucky communities.
Jobs
In addition to retaining all existing jobs, we’re creating over 100 new, good-paying, local jobs—some of which will support a new call center to be located in eastern Kentucky.
Current Employees
Liberty is retaining all current Kentucky Power employees.
Fuel Relief Fund
Liberty is creating a $40 million fund to help offset volatile fuel rates. The Eastern Kentucky Fuel Relief Fund will appear as a credit on bills once the transition to Liberty is complete. This credit will be most beneficial to customers during the winter heating months when the dollar amount credited will be larger. The credit provided by Liberty will be available through 2023 and will not be recovered in rates.
