The Ohio Consumers' Counsel said Columbus Southern Power (CSP), which is run by American Electric Power, may owe it's customers refunds.
The council believes CSP is making too much money. The company had a profit in 2009 of nearly 21 percent, compared to other power companies in the state, which had profit margins of less than 5 percent.
"I'd love to get 20 percent on investments in CD'S or treasuries. You can't find that kind of a deal. That's because it's significantly excessive," said Ryan Lippe of the Ohio Consumers' Counsel. "We're thinking that 12 percent, 15 percent, we could see that but when you get in the neighborhood of 20 to 21 percent, that is significantly excess."
A spokesperson for parent company AEP said the numbers might be deceiving and it is premature to draw any conclusions on if CSP's profit is excessive.
"You have to consider the investment that we made in Ohio alone in 2009, we've made over $20 billion in investments through taxes, purchase of materials, property, those types of things os these things have to be taken into consideration when considering this filing," said AEP's Terri Flora.
To view the CSP earnings compared to other utility companies, click here.
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