East Kentucky Power Cooperative

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."

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.