AEP commits $19 million to resolve House Bill 6 investigation

American Electric Power may be close to resolving a federal investigation into its role in the state’s House Bill 6 scandal.

The Columbus-based power company told analysts Thursday on a conference call to discuss its third-quarter financial results that it has set aside $19 million to cover potential claims related to Securities and Exchange Commission investigation.

AEP previously acknowledged receiving two sets of SEC subpoenas, one in May 2021 and the other in August 2022, linked to legislation intended to provide a $1.3 billion bailout for the state’s two nuclear power plants and continue subsidies on two coal-fired power plant, one located in Indiana.

The nuclear power plant rescue was later called off, but the subsequent criminal investigation led to the indictment of several people, including ex- Ohio House Speaker Larry Householder.

A dispatch investigation found that AEP contributed $350,000 to a group called Empowering Ohio’s Economy Inc. which became part of the criminal case.

Empowering Ohio’s Economy gave $150,000 to a group called Generation Now, which also received $60 million from interests related to Akron-based FirstEnergy to push the legislation through. FirstEnergy is the previous owner of the facilities.

The company did not comment further. In a regulatory filing, the company said the final amount could be different and that if it is, AEP does not believe the amount would be material.

The company continues to say it does not believe it did anything wrong.

mawilliams@dispatch.com

@BizMarkWilliams