From AP - News Headlines -

ICC Cuts Ameren Rate Hike Request By About 95-Percent

The Illinois Commerce Commission has rejected most of a request from Ameren to raise electricity and natural gas rates.

Ameren had sought an additional $162 million from customers. On Thursday, the ICC approved $5 million of that increase. The utility company released a statement, saying the decision may hinder Ameren's ability to provide the service customers expect. Spokesman Leigh Morris says the company will spend a few days reviewing the decision to decide its next steps... including whether to appeal. The Citizen Utility Board's Jim Chilsen praised the decision. "Ameren was asking for way too much," said Chilsen. "And the rate hike that it got will give the company all the funds it needs to provide safe, reliable service and to return a fair profit to stockholders."

ICC spokeswoman Beth Bosch says the cuts of more than 95-percent came from various line items on the delivery side of Ameren's power. "Ranging from incentive compensation to benefits, working cash, what kinds of projects they consider useful the rates could be collected on, operations and maintenance," said Bosch. She says the ICC also brought down the rate hike from what an administrative law judge had requested. The decision is also based on reviews from several parties, including local governments, the Attorney General, and AARP. Bosch says all of Ameren's gas rates should go down as a result of the decision, with electric rate hikes of 10-percent or less for Ameren IP, CILCO, and CIPS customers.

Categories: Economics, Energy
Tags: economy, energy