PIKEVILLE, Ky. – Kentucky Power is breaking down barriers to help struggling coal businesses get back to work and return jobs to eastern Kentucky.
Kentucky Power President Matt Satterwhite on Thursday announced the Coal Plus program, which is designed to give Kentucky Power flexibility in designing special contracts with new coal companies or existing coal companies that are expanding their operations and employment. Kentucky Power filed its plans with the Kentucky Public Service Commission on Thursday seeking authorization to move forward. If approved, the help provided by the plan could be made available to businesses within 30 days.
“Coal Plus will include a special provision designed to give coal companies greater short-term flexibility to take advantage of different rates currently in our terms and conditions approved by the Public Service Commission,” Satterwhite said. “We want to help spur economic development because that is how we can help revitalize our communities.”
In recent years, Kentucky Power has become a strong advocate of economic development in 20 counties it serves in eastern Kentucky. In 2016, with the launch of the Economic Development Growth Grants (K-PEGG) program, the company invested more than $600,000 back in to the community. Revisions to the K-PEGG program also will allow those in the coal industry to be considered for award. The grants are funded through the Kentucky Economic Development Surcharge approved by the Kentucky Public Service Commission in 2015. For every 15 cents collected monthly from customers, company stockholders match the customer contributions dollar for dollar.
Kentucky Power, with headquarters in Ashland, Ky., provides service to about 169,000 customers in 20 eastern Kentucky counties. It is a unit of the American Electric Power system, one of the largest electric utilities in the United States, delivering electricity and custom energy solutions to nearly 5.4 million customers in 11 states. AEP owns the nation’s largest electricity transmission system, a more than 40,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP also operates 224,000 miles of distribution lines. AEP ranks among the nation’s largest generators of electricity, owning approximately 26,000 megawatts of generating capacity in the U.S. AEP also supplies 3,200 megawatts of renewable energy to customers. AEP’s headquarters are in Columbus, Ohio.