COLUMBUS, OH – American Electric Power (AEP) will pay $19 million to settle an investigation by the Securities and Exchange Commission (SEC) into its involvement in the House Bill 6 (HB 6) scandal, the agency announced today.
The SEC found that AEP violated the Exchange Act by issuing a misleading press release regarding its role in fully funding the dark money group Empowering Ohio’s Economy, failing to disclose transactions linked to those payments, and failing to maintain accurate financial records.
This marks the first official confirmation of AEP’s involvement in the HB 6 scandal, a corruption case that has rocked Ohio’s energy sector. The Ohio Environmental Council (OEC) condemned AEP’s lack of transparency, calling it a “betrayal of public trust.” The company holds partial ownership in the Ohio Valley Electric Corporation (OVEC), which operates two outdated coal plants that continue to receive ratepayer-funded bailouts under HB 6.
Nolan Rutschilling, Managing Director of Energy Policy at the OEC, criticized AEP’s actions, stating:
“AEP betrayed the trust of Ohioans and ratepayers by lying about its role in the House Bill 6 scandal. Utility corruption and regulatory capture are industry-wide issues. If we can’t trust major energy utilities to keep accurate books or tell the truth about their payments, how can we trust them to responsibly provide energy to Ohioans?”
The OEC has long called for the full repeal of HB 6, particularly the ongoing OVEC coal plant bailout, and is urging Ohio legislators to take action in favor of clean, affordable energy policies.
For more information, contact the OEC at [email protected].
