The Empire District Electric Company (NYSE:EDE) announced today that it has filed a request with the Oklahoma Corporation Commission for changes in rates for its Oklahoma electric customers. The Company is seeking an overall annual increase in its Oklahoma operating revenue of approximately $633,000, or about 4.1 percent. If approved, a residential customer using 1,000 kilowatt hours of electricity would experience a monthly increase of approximately $6.40.
In making the announcement, Brad Beecher, president and CEO, stated, “We are seeking to make rates established by the Capital Reliability Rider permanent. This two-phase rider was implemented over the past ten months. It was designed to recover expenditures since Empire’s last rate case in 2003, including construction costs for Riverton Unit 12, Iatan 2, Plum Point Generating Station as well as the environmental upgrades at the Asbury Power Plant and Iatan 1. The upgrades to our facilities and the addition of new generation allow us to continue to provide safe, reliable electricity to our customers through a balanced mix of resources.”
With this case, Empire is requesting a modification in the Fuel Adjustment Rider. Fuel and purchase power costs would no longer be recovered as part of a customer’s base rates, but instead 100 percent of these costs would be recovered as a separate line item on their bill.
After today’s filing with the Commission, an audit of Empire’s operations will be conducted and hearings will be held. The Company anticipates that any new rates approved would not become effective for its Oklahoma customers until late 2011 or early 2012.Based in Joplin, Missouri, The Empire District Electric Company (NYSE: EDE) is an investor-owned, regulated utility providing electricity, natural gas (through its wholly owned subsidiary The Empire District Gas Company), and water service, with approximately 215,000 customers in Missouri, Kansas, Oklahoma, and Arkansas. A subsidiary of the company provides fiber optic services. For more information regarding Empire, visit www.empiredistrict.com. Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements address future plans, objectives, expectations, and events or conditions concerning various matters. Actual results in each case could differ materially from those currently anticipated in such statements, by reason of the factors noted in our filings with the SEC, including the most recent Form 10-K and Form 10-Q.
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