Kingsport Residents Will Pay More For Their Power Soon. The City Announced A New Power Franchise Agreement With American Electric Power. The New Agreement Calls For Aep To Raise Rates On City Residential And Business Customers By 5 Percent To Cover The Cost Of The Franchise Agreement. Kingsport Assistant City Manager Ryan McReynolds, Said The Increase Was Not Kingsport’s Decision And Was Left Up To AEP.