CHARLESTON, W.Va. — The state Public Service Commission has turned down more than half of Appalachian Power Company’s request for a $250.5 million base rate increase.

The PSC approved $76.1 million in an order issued late Thursday and at the same time told the utility it cannot collect the increase through traditional means.

“The companies will continue to bill customers at the current rates so there is no increase on customer bills resulting from this decision,” the PSC said.

Instead, the PSC said it will approve Appalachian Power’s securitization plan in an order that the PSC said would come out “very soon.”

Appalachian Power previously asked the PSC to allow it to securitize the money its needs by selling bonds on Wall Street and setting up a new rate-making method that would allow

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