In October, members of the Kentucky Power team traveled to Frankfort to participate in a lunch-and-learn session with stakeholders and legislators. The presentation included an update on federal government affairs from AEP's Public Policy Director, Kayla McMurry, as well as an overview of the EKY Energy Affordability Act presented by VP of External Affairs and Customer Service, Amy Elliott, and External Affairs Manager, Dalton Hatfield. Additionally, representatives from the Attorney General’s Office of Rate Intervention and the Kentucky Industrial Utilities Customers provided insights on securitization support.

With several legislators in attendance, the event offered a valuable opportunity for Kentucky Power to communicate its priorities and the necessity for securitization legislation. The gathering provided valuable insights into the legislative process, allowing our team to better understand how decisions are made that impact energy resources in the Commonwealth.

The Energy Affordability Act will work to securitize Kentucky Power’s Mitchell Plant, which is expected to deliver $40 million in annual savings to customers. In 2023, the securitization of Kentucky Power’s Big Sandy Power Plant was passed unanimously by the General Assembly, ultimately resulting in $97 million in savings for customers. This is one of the many meetings the Kentucky Power team has had on this topic in effort to secure the critical support needed for securitizaiton and the savings the financial tool can provide customers. The team spent the past several months meeting with local chambers of commerce, rotary clubs, area development districts and other stakeholder groups and individuals across the Commonwealth on the topic of customer savings as part of the continual work Kentucky Power pursues to keep costs as low as possible for customers.