PSC Closes East Kentucky Power Review

FRANKFORT, Ky. -- The Public Service Commission says it has closed its review of East Kentucky Power and that the utility is "well positioned for long-term success."

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The action was announced Tuesday and comes after the PSC ordered an independent audit of the utility in 2008 when it came close to a second credit default. The independent auditor made several recommendations in 2010 to improve the management at East Kentucky Power and shore up its finances.

The PSC has worked with the utility since then to assure the adoption of the 29 recommendations. A statement on Tuesday from the PSC said the utility has successfully implanted the recommendations and is no longer required to submit progress reports to the regulatory agency.