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PSE Applies for Approval to Increase Electricity and Gas Rates

Posted on: Thursday, 6 December 2007, 12:00 CST

US electricity and gas utility Puget Sound Energy has filed a request to increase electricity and natural gas rates in late 2008.

The request would allow the utility to recover large investments made in energy infrastructure in 2006 and 2007, which will continue to be needed to serve the growing region, as well as costs related to higher operating and power supply expenses.

If approved by the Washington Utilities and Transportation Commission, the general rate case filing would raise Puget Sound Energy's (PSE) average electricity and natural gas rates by 9.5% and 5.31%, respectively, effective November 1, 2008.

Eric Markell, CEO of PSE, said: "We are asking the commission to allow us to recover the investments we have made and will continue to make in our pipes, wires and power supplies to provide the service our customers have come to expect, and to meet the growing needs of the vibrant Puget Sound region.

"With rising steel, copper and fuel prices, a tightening of the global competition for resources, and a weak US dollar, the cost of doing business has increased and will continue to increase."

The PSE request would annually provide an additional $174.5 million in electric revenue and $56.8 million in natural gas revenue to the utility. If the rate case is approved, the average monthly electricity residential bill would be $101.91 and the average monthly natural gas residential bill would be $86.68.

Source: Datamonitor

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