Michigan Regulators Allow Electric Rate Increase
Stock quotes in this article:
CMS
DAVID EGGERT
LANSING, Mich. (AP) State regulators are letting Michigan's second-largest utility raise residential electric bills later this week, but not as much as Consumers Energy wanted. The Michigan Public Service Commission estimates the average Consumers Energy household will see a $2.99 increase on its monthly bill for six months, a bump of 3.5 percent. The Jackson-based utility originally sought to add about $10 to monthly residential bills, a double-digit percentage increase. Regulators on Tuesday ordered Consumers Energy to partially offset the residential rate increase it plans to implement Thursday with proceeds from the 2007 sale and decommissioning of a nuclear plant. "The result minimizes the effect on residential customers, which could have been as high as a 16 percent increase," said Public Service Commission Chairman Orjiakor Isiogu. A new state law lets utilities automatically increase power bills on their own if regulators do not act within six months of a rate case being filed. Refunds with interest must be paid to customers if the commission later decides a utility has charged too much.- Loading Comments...
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