Madison – The Public Service Commission of Wisconsin voted today to reduce We Energies’ overall electric rate adjustment request by 24%, or $60 million.
Earlier this year, We Energies applied for an overall 5.5% electric rate increase in 2013 and another 3.6% increase 2014.
Today, the Commission voted to cut those numbers, scaling the request back to a 4.2% overall electric rate increase in 2013, and a 2.6% increase in 2014.
The Commission’s vote to cut back the utility’s original request was possible due to decisions to reduce payroll expenses, disallow cost overruns on the new Oak Creek coal plant, and decrease costs in other areas.
We Energies customers did not see an electric rate increase this year thanks to a prior Commission decision to freeze rates in 2012 in an alternate rate case.
The company had also asked for a slight decrease in Wisconsin Electric and Wisconsin Gas natural gas rates earlier this year. Because of Commission action today, natural gas rates will decrease by approximately 1.9% for Wisconsin Electric Gas Operations and decrease by approximately 5.4% for Wisconsin Gas Company.