DPUC Approves $3.2 Million Yankee Gas Customer Rebate and Maintenance of Base Rates Through Year 2000.MERIDEN, Conn.--(BUSINESS WIRE)--Oct. 1, 1997--(NYSE NYSE See: New York Stock Exchange :YES)--The Department of Public Utility Control (DPUC DPUC Department of Public Utility Control (Connecticut) ) voted today to approve the $3.2 million credit to consumers proposed in a settlement by Yankee Gas Services Company and the state Office of Consumer Counsel on September 2, 1997. The settlement also allows Yankee Gas to maintain its base rates until the end of fiscal year 2000, resulting in an eight-year period in which Yankee Gas will have gone without an increase in its base rates. The settlement and subsequent ratifying vote comes in response to a July 9, 1997, DPUC decision which recommended a reduced future allowed return on equity for Yankee. Using the newly reduced return on equity, it was estimated the Company would earn $3.2 million during fiscal year 1998 over the previously authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: returns established in Yankee's 1992 rate case. "Yankee Gas had a number of options in dealing with the DPUC's findings," explained Thomas Houde, vice president of Rates and Resource Planning Resource planning may refer to:
"We are also proud we have not increased our base rates in the past five years nor will we increase them for at least the next three, in accordance with the DPUC's decision," Houde said. Under the approved settlement, a typical residential consumer will receive about $27 in total credits on their natural gas bills covering the period from November 1997 through March 1998. Yankee Gas Services Company, the largest natural gas distribution company in Connecticut serving approximately 180,000 customers in 68 cities and towns, is the regulated subsidiary of Yankee Energy System, Inc. Yankee Energy System, Inc. is also the parent of Yankee Energy Services Company, which provides a full range of energy-related services for its customers including consulting, procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. and development for onsite generation and cogeneration cogeneration In power systems, use of steam for both power generation and heating. High-temperature, high-pressure steam from a boiler and superheater first passes through a turbine to produce power. systems, and technical and operating support for power plants and boiler houses. For more information on Yankee Energy System, Inc., consult the Yankee web site at www.yankeegas.com. CONTACT: Yankee Gas Services Co. Geralyn A. Johnson, APR APR See: Annual Percentage Rate 203-639-4421 Office 203-933-5314 Home E-Mail: johnsong@yankeegas.com |
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