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PSC APPROVES MODIFIED RATE SETTLEMENT FOR NYSEG

 BINGHAMTON, N.Y., Aug. 26 /PRNewswire/ -- The Public Service Commission (PSC), meeting in open session yesterday in Albany, N.Y., approved a modified form of the three-year rate settlement reached on April 8, 1993, between New York State Electric & Gas Corporation (NYSE: NGE) (the company), the PSC Staff and others. The PSC accepted certain modifications proposed earlier this month


by the parties to the settlement and proposed additional modifications to further reduce the proposed rate increases.
 The modifications include:
 -- A revision to the allowed return on equity from 11.4 percent in
 each year to:
 Yr 1 - 10.8 percent (shareholders keep 100 percent of any
 excess)
 Yr 2 - 11.4 percent (50/50 sharing of excess)
 Yr 3 - 11.4 percent subject to an indexing mechanism
 (50/50 sharing of excess)
 -- $7 million in expense imputations for each of the three
 years.
 Further analysis will be required to determine what impact the modifications will have on the proposed electric and natural gas price increases. The company expects a summary order next week and additional information will then be available.
 -0- 8/26/93
 /CONTACT: John R. Durfee of New York State Electric & Gas Corporation, 607-762-4380/
 (NGE)


CO: New York State Electric & Gas Corporation; NY Public Service Comm. ST: New York IN: UTI SU:

KL -- CL013 -- 6101 08/26/93 11:38 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
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