The Empire District Electric Company (NYSE:EDE) announced today a stipulation and agreement filing in Oklahoma regarding the rate request filed on June 30, 2011.
The agreement, reached by all parties participating in the case, would make rates previously collected under a Capital Reliability Rider (CRR) permanent. If approved by the Oklahoma Corporation Commission, the agreement will result in a net overall increase of total annual revenues of $240,000, or approximately 1.66 percent. This will result in a monthly increase of approximately $3.00, for a residential customer using 1,000 kilowatt hours. The agreement also calls for the removal of fuel and purchase power costs from base rates. Fuel and purchase power costs will be listed as a separate line item, identified as the Fuel Adjustment Charge, on customer bills.
In making the announcement, Brad Beecher, president and CEO, stated, “If approved by the Oklahoma Corporation Commission, the finalization of this case allows the complete recovery of costs for the largest construction cycle in Empire’s history. The generation additions and environmental upgrades undertaken over the last several years provide our customers safe, reliable energy through a balanced mix of fuel resources.”
Based in Joplin, Missouri, The Empire District Electric Company (NYSE:EDE) is an investor-owned utility providing electric, natural gas (through its wholly owned subsidiary The Empire District Gas Company), and water service, with approximately 211,000 customers in Missouri, Kansas, Oklahoma, and Arkansas. A subsidiary of the Company also 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 10-Q.