January 17, 2025
OEC Statement on AEP to Pay $19M for Confirmed Role in HB 6 Scandal
Columbus, OH – Today, the Securities and Exchange Commission announced that American Electric Power (AEP) will pay $19M to settle the investigation into the utility’s role in the House Bill 6 Scandal. The SEC determined AEP made the following violations of the Exchange Act: issued a misleading press release around their role in fully funding Empowering Ohio, failed to disclose transactions tied to payments to the dark money group, and failed to keep accurate books and records around the issue.
This is the first official confirmation that AEP was involved in the HB 6 scandal, and their failure to publicly disclose their material transactions with the dark money group, Empowering Ohio’s Economy, is a betrayal of the public trust. AEP holds partial ownership in the Ohio Valley Electric Corporation, which operates two outdated and polluting coal plants that continue to burden Ohio ratepayers with costly bailouts. The OEC has continually and repeatedly called for the full repeal of HB 6, specifically the OVEC Bailout. Ohio energy policy will never serve Ohioans until the full repeal of HB 6.
The following quote can be attributed, in whole or in part, to Nolan Rutschilling, Managing Director of Energy Policy:
“AEP betrayed the trust of Ohioans and ratepayers by lying about its role in the House Bill 6 scandal. House Bill 6 is no longer just a FirstEnergy problem, utility corruption and regulatory capture are industry-wide issues. Utilities have spent the last year making the case for utility-owned energy generation instead of letting the market work. If we can’t trust major energy utilities to keep accurate books or tell the truth about payments they make, how can we trust them to responsibly provide energy to Ohioans?
We urge Ohio legislators to repeal the ongoing bailout of the OVEC coal plants and to work with Ohioans on policy that supports affordable, clean energy, not giveaways to greedy utility CEOs.”
For more information, contact the OEC at media@theoec.org.
###
The Ohio Environmental Council (OEC) is the state’s most comprehensive and effective environmental advocate for a healthier, more sustainable Ohio. The OEC develops and ensures the implementation of forward-thinking, science-based, pragmatic solutions to secure healthy air, land, and water for all who call Ohio home.