AEP Texas Central Co. submitted the company's true-up filing to the Public Utility Commission of Texas for a final determination of stranded costs and other true-up amounts as required by the Texas Electric Choice Act of 1999. AEP Texas Central seeks approval of true-up balances of approximately $2 billion in stranded costs and associated carrying costs since the start of retail choice in 2002 and approximately $400 million in other true-up amounts including carrying costs.
"We're pleased to be able to quickly move forward after completing the sale of our share of South Texas Project with the final step in our transition from regulation to deregulation in Texas. We worked very closely with the advisors and legal counsel for the [Commission] throughout the process of selling all of our AEP Texas Central generation to determine its market value, and we appreciate their assistance and guidance," said AEP Texas Central Michael Morris, AEP's chairman, president and chief executive officer.
