The Joplin Globe, Joplin, MO

Business

Discussion

February 25, 2013

Missouri Public Service Commission to act on Empire rate increase of 4.7 percent

From staff reports

JOPLIN, Mo. — An agreement has been reached with the Office of the Public Counsel, the Missouri Public Service Commission (MPSC) staff and intervening parties that would allow the Empire District Electric Company, based in Joplin, to increase its annual revenue base by about $27.5 million.

Before the agreement can take affect, it must be approved by the Missouri Public Service Commission.  

With a reduction in fuel adjustment clause revenue of about $8.6 million, the net increase to customers is about $18.9 million or approximately 4.7 percent, according to a statement released by the company.

For a residential customer using 1,000 kilowatt hours per month, the net impact will translate into an increase of about $5.60 per month. The rates, if approved by the commission, would take effect on April 1.

Empire, when it filed for a rate increase in July of last year, had sought an increase in annual electric revenues of approximately $30.7 million. Included in that request was an interim rate increase request of approximately $6.2 million. The interim request was denied by the commission.

Kevin Kelly, spokesman for the commission, said Empire reached an agreement with the parties in the case that resolves all issues associated with request to increase rates.

In an on-the-record proceeding today, the commission learned that all parties are signatories to the agreement.

Kelly said it is possible the commission could act on the agreement during its next meeting on Wednesday.

Kelly said the Office of the Public Counsel and the MPSC staff, which must balance the interests of rate payers and share holders, had recommended a lower increase than what was originally sought by Empire.

Public hearings on the rate request were held in January.

 

Text Only
Business
  • Business Asia stocks extend losses after big sell-off

    Asian stocks continued to retreat Friday after being routed the day before by unexpectedly weak Chinese manufacturing and fears the Federal Reserve will start withdrawing its monetary stimulus.

    May 24, 2013 1 Photo

  • Why worry? Less aid by Fed would point to recovery

    Investors have grown nervous that the Federal Reserve will scale back its efforts to boost the U.S. economy sooner than many expected.

    May 24, 2013

  • Procter & Gamble brings back A.G. Lafley as CEO

    Procter & Gamble Co. is bringing back its former CEO, as the world’s largest consumer-products maker tries to spur global growth.

    May 24, 2013

  • Sears reports bigger-than-expected 1Q loss

    Sears Holdings Corp. reported a steeper-than-expected loss for its first quarter with the beleaguered retailer blaming a cooler spring for falling sales.

    May 24, 2013

  • Between economy and trouble, Obama approval steady

    The economy is recovering, the White House is dealing with multiple controversies, and President Barack Obama appears generally unaffected either way.

    May 23, 2013

  • Ammonia leak at Kan. plant sends 7 to hospital

    Seven people have been released from an Emporia hospital after an ammonia leak at the city’s Tyson Foods plant.

    May 23, 2013

  • Other companies challenging contraception mandate

    Hobby Lobby Stores Inc. is challenging the part of the federal health care law that requires for-profit companies to offer employees health coverage that includes products the business owners find morally objectionable, such as certain types of contraception.

    May 23, 2013

  • Business Stocks mixed as investors reassess Fed worries

    Investors recovered their poise by midday Thursday after an early sell-off sent stocks sharply lower.

    May 23, 2013 1 Photo

  • Birth control coverage up for federal appeal

    In the most prominent challenge of its kind, Hobby Lobby Stores Inc. is asking a federal appeals court Thursday for an exemption from part of the federal health care law that requires it to offer employees health coverage that includes access to the morning-after pill.

    May 23, 2013

  • Stricken Japan nuke plant struggles to keep staff

    Keeping the meltdown-stricken Fukushima nuclear plant in northeastern Japan in stable condition requires a cast of thousands. Increasingly the plant’s operator is struggling to find enough workers, a trend that many expect to worsen and hamper progress in the decades-long effort to safely decommission it.

    May 23, 2013