LIMA, Ohio (WLIO) - Electricity and natural gas prices will be going up.
The Lima Rotary Club invited Rob Kulpa and Jordan Williams from AEP Energy to talk about the impact the increases may have on small businesses. They tell us the higher electric bills are due to a capacity auction held last year by PJM Interconnection, which manages the electric grid for Ohio. The auction resulted in dramatically higher capacity prices.
Capacity is the fee that power companies charge to make sure their power plants are ready to produce enough electricity when there is a high demand.
These cost increases could mean more to the small, local businesses.
The Lima Rotary Club invited Rob Kulpa and Jordan Williams from AEP Energy to talk about the impact the increases may have on small businesses.
"Small businesses are important that they are seeing these cost increases just like big corporate companies are - maybe it's a bigger impact on small businesses than it would be big corporations," said Demi Burden, president of the Rotary Club of Lima. "I think that the takeaway could be that they have now some tools to protect themselves, to make sure that they're not being overcharged, and to make sure that they're ready for these incoming cost increases."
As a result of the capacity cost increase, residential customers may see a two to four cent per kilowatt increase in the bills for June 2025.
