COLUMBUS, Ohio — As American Electric Power posts record profits, many Ohioans say they are frustrated over rising electricity costs.
The utility giant reported $1.226 billion in second-quarter net income this year, more than triple the $340 million earned during the same period in 2024, according to a July 30 company news release. An AEP spokesman said last year’s figure was reduced by a one-time, $53 million non-cash loss related to asset values, making the year-over-year comparison imperfect. She also cited this summer’s hot weather and recent tax changes as factors behind the earnings jump.
For a typical household using 1,000 kWh per month, the proposed increase adds nearly $27 in June alone, according to state regulators and reporting
Under Ohio law, utility companies can earn a “reasonable” profit on the infrastructure they use to deliver service through rates regulated by the Public Utilities Commission of Ohio. PUCO spokesperson.
While AEP is reporting strong financial results and planning to spend billions, consumer advocates warn that customers are facing higher bills and record disconnections.
AEP Ohio’s disconnection rate already exceeds twice the state average, raising concerns about affordability amid rampant rate increases.
Surging demand from data centers—especially in Central Ohio—helped push up capacity costs dramatically, including through market prices that spiked over 800%. Regulators are now requiring data centers to cover 85% of their contracted energy use to keep costs from being passed to residential customers.
