In settling their current rate review case, the Louisville Gas and Electric Company and Kentucky Utilities Company have agreed to reduce a rate increase request and to maintain both the current residential basic service charge and base rates for at least four years, among others.
Originally, the utilities had requested increases to support reliability and modernization investments, including upgraded lines, replacing aging wooden poles and steel natural gas lines, vegetation management and more.
“These are difficult and sometimes emotionally charged topics, further complicated by the more challenging conditions presented by COVID-19,” Kent Blake, CFO of both LG&E and KU, said. “However, all parties worked together in a professional manner to ease the impact on customers to the extent possible, while still providing the utilities an opportunity to recover their costs of providing safe and reliable service.”
As is, if approved by the Kentucky Public Service Commission, average KU residential customers could see an increase of $7.87 per month until mid-2022, when a provided relief credit expires. At that point, their bills will shoot up another 76 cents. On the other hand, LG&E residential electric customers will see monthly bills go up only approximately $4.10 over that year-long period, before jumping another 33 cents per month. Its natural gas residential customers should see rates jump approximately $3.89 per month, followed by a 33 cent jump in mid-2022.
More than a dozen parties were a part of this rate review, including the Kentucky Attorney General, the U.S. Department of Defense, environmental groups, companies and localities. Other matters agreed to in the settlement include rolling out advanced meters without a rate impact and increased contributions to agencies that assist low-income customers in paying utility bills by the same percent as the new rate increase.
If approved, the new rates and an Economic Relief bill credit will go into effect on July 1, 2021.
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