Kentucky Utilities has reached a settlement that will lower prices by 60 cents per month for the average customer, the company announced Tuesday.

Last summer, Kentucky Utilities requested a rate increase of $4.50, which was later lowered to $3.70, said Andrew Melnykovych, a spokesman for the state Public Service Commission, which will set the rate of increase.

The rate reductions could be implemented as early as Feb. 6 or decided on as late as April, the deadline for the state Public Service Commission to make a decision, Melnykovych said. The commission will meet Thursday to discuss the settlement.

The involved parties in the rate negotiations were Louisville Gas and Electric Company, Kentucky Utilities Company, the Kentucky attorney general, Lexington-Fayette Urban County Government, The Kroger Company, and low-income advocates.

-Jill Laster