Update:  On October 23, 2013, the Commission issued an Opinion and Order finding that while Ohio Power did not have significantly excessive earnings for 2010 pursuant to Section 4928.143(F), Revised Code, Columbus Southern Power did have significantly excessive earnings in 2010 pursuant to the same section.  The Commission found that Ohio Power’s earned return on equity (ROE) was 9.98%, which was acceptable; however the Commission determined that Columbus Southern Power’s earned ROE was 17.9%, which exceeded the safe harbor provision.  The Commission therefore ordered Columbus Southern Power to return $6,937,925 to its customers.

The Commission notes that Ohio Power and Columbus Southern Power have merged and Ohio Power is the surviving entity.  Accordingly, the Commission directed that significantly excessive earnings be applied first to any deferrals in the FAC account on Columbus Southern Power’s books on October 23, 2013, with any remaining balance to be credited to Columbus Southern Power rate zone customers beginning with the first billing cycle in November 2013.  The Commission further ordered that the bill credit be provided on a kilowatt hour basis, and that it be returned to customers over a period not to exceed three billing cycles.