The Public Utilities Commission of Ohio approved a settlement that will lower residential bills for American Electric Power Company Inc.’s customers by $3.65 per month as a result of reconciling rates to pass on savings from the federal tax law that slashed the federal income tax rate to 21 percent from 35 percent, according to the agency’s Oct. 3 press release. The company will return normalized accumulated deferred income tax balance of about $278 million over 25 years and non-normalized excess deferred income tax of about $177.6 million over six years. Customers will receive $20.4 million in annual credits until new rates take effect after a rate case scheduled for filing in June 2020. The agency has also authorized $66 million in rate cuts through several riders.