Investments in Reliability and Clean Energy Prompt PSE to Seek Overall 8 Percent Electric And 3 Percent Natural Gas Rate Increase Request For 2012
BELLEVUE, Wash. (June 13, 2011) — Puget Sound Energy filed a proposal with state regulators today to establish new electric and natural gas rates in 2012 to recover the costs of work done to increase electric and gas delivery system reliability and provide a cleaner energy supply for local homes and businesses.
The rate request is based on energy system improvements made in 2009 and 2010, when PSE invested almost $1.1 billion for new gas and electric delivery infrastructure and new electric generation, including Phase 1 of the Lower Snake River Wind generation facility currently under construction in Garfield County.
The proposed rates, which, if approved, would take effect in May 2012 following the UTC’s 11-month approval process, ask for overall increases of 8.1 percent in electric rates and 3 percent in natural gas rates for all customer groups. The increases would raise the average homeowner’s monthly electric bill by $8.37 (based on 1,000 kilowatt hours per month) and monthly natural gas bill by about $2.84 (based on 68 therms per month).
In today’s filing with the Washington Utilities and Transportation Commission, PSE seeks to increase annual revenues by $193 million and to set an allowed return on common equity of 10.8 percent and a regulatory capital structure of 48 percent equity. The filing also proposes a conservation savings adjustment mechanism related to the energy efficiency services for business and residential customers.
About Puget Sound Energy
Washington state’s oldest local energy utility, Puget Sound Energy serves more than 1 million electric customers and 750,000 natural gas customers in 11 counties. A subsidiary of Puget Energy, PSE meets the energy needs of its customer base through incremental, cost-effective energy efficiency, procurement of sustainable energy resources, and far-sighted investment in the energy-delivery infrastructure. PSE employees are dedicated to providing great customer service and delivering energy that is safe, reliable, reasonably priced, and environmentally responsible For more information, visit www.PSE.com.
Martha Monfried, 1-888-831-7250