| Summary |
General Rate Case for a Two-Year Rate Plan which would begin with new base rates effective in December 2022 (Rate Year 1) and December 2023 (Rate Year 2). For Rate Year 1, the proposed increases reflect an electric base rate relief of approximately $52.9 million, or 9.6%. Concurrent with the effective date of this rate case, the Company proposes to return to customers estimated incremental deferred Customer Tax Benefits of approximately $25.5 million for electric over a two-year amortization period, through Tariff Schedule 78 titled “Residual Tax Customer Credit” -offsetting in part the Company’s requested electric Rate Year 1 base rate relief in effect from December 2022 and continuing through the two-year Rate Plan. The overall net increase for Rate Year 1 on a billed basis, after reflecting the “Residual Tax Customer Credit” offset, would be 7.4% for electric operations. For Rate Year 2 of the Two-Year Rate Plan, the proposed increases reflect an electric base rate relief of $17.1 million, or 2.8%, effective December 2023. The Company’s request is based on a proposed rate of return of 7.31% with a common equity ratio of 48.5% and a 10.25% return on equity. |
