Lawmakers targeting guaranteed utilities profits
Channel: Mountain Top News
Date: 2018-02-15

State lawmakers are hoping to rein in Kentucky Power on the cost the company is passing along to its customers in order to reach their guaranteed profit margin.

State Senator Ray S. Jones II filed Senate Bill 147 on Valentine's Day. The bill is an act seeking to limit the guaranteed profit margin for utility companies from 10 percent to no more than 6 percent. Jones said his constituents have been inundated with extremely high power bills. He added that it is not fair to utility customers to pay bills to companies in amounts, in some cases, higher than their monthly incomes when those same companies are collecting billions of dollars in profits guaranteed by law.

Another local state legislator is on-board with Jones’ plan. 92nd District State Rep. John Blanton praised Jones for his filing, and said he planned to file a companion piece of legislation in the state house of representatives. 

Senate Bill 147 is co-sponsored by 30th District Senator Brandon Smith.