The Alabama Public Service Commission (APSC) held a meeting on Tuesday to review the financial performance of the Alabama Power Company for the year 2022. The report showed that the company exceeded the allowed rate of return by $62 million, which means customers are eligible for a refund.
According to a statement from the APSC, the refund will be returned directly to customers on their August 2023 bills, when energy usage is typically higher due to hot summer weather. This will have a greater impact on residential customers, who typically have higher energy usage during this time of year. The APSC Commissioners voted to approve the refunds, and the amount is currently being calculated. The specific amount may not be available for a few days.
It’s worth noting that last year, Alabama Power announced three rate hikes that added up to $273 per year for the average customer.