Regulators approve PSI rate increase, merger savings for customers.PLAINFIELD Plainfield, city (1990 pop. 46,567), Union co., NE N.J.; settled 1684 by Friends, inc. as a city 1869. Formerly a residential city in the New York metropolitan area, it has become the urban center of 10 closely allied municipalities, with diversified industries, , Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. .--(BUSINESS WIRE)--Feb. 17, 1995--The Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). Utility Regulatory Commission today approved a settlement which permits a 4.3 percent rate increase for PSI Energy. The commission also approved the first installment of customer savings -- $4.4 million -- from PSI's recently completed merger with The Cincinnati Cincinnati (sĭnsənăt`ē, –năt`ə), city (1990 pop. 364,040), seat of Hamilton co., extreme SW Ohio, on the Ohio River opposite Newport and Covington, Ky.; inc. as a city 1819. Gas & Electric Co. to create CINergy Cinergy Corp. was an energy company based in Cincinnati, Ohio. Cinergy was created on October 24, 1994, from the merger of the Cincinnati Gas & Electric Company (CG&E) with PSI Energy and later included Union Light, Heat & Power (ULH&P) as well. Corp. The credit has been factored into the 4.3 percent increase, and future savings also will be reflected in rates. Originally estimated at an 11.6 percent increase, the lower increase was part of a settlement PSI reached in December with the Indiana Utility Consumer Counselor, the Citizens Action Coalition, and the PSI-Industrial Group on a rate and a merger savings case pending before the IURC IURC Indiana Utility Regulatory Commission . The settlement included a credit to PSI customers of merger savings over the beginning years of PSI's joint operations A general term to describe military actions conducted by joint forces or by Service forces in relationships (e.g., support, coordinating authority) which, of themselves, do not create joint forces. with CG&E. The settlement also provides a mechanism for the company to recover the finance charges on pollution control equipment under construction. A rate update to cover $17 million of these additional charges is pending before the commission. If approved, an additional 1.9 percent rate increase would be effective in March. ``During a time of rising rates, we're particularly glad to be able to begin returning merger savings to PSI customers,'' said PSI President John Mutz. ``In addition to the $4.4 million during 1995, we also will be passing on fuel savings regularly. There also is the customer benefit of dollars not being spent because we're now able to delay or eliminate some major construction.'' Effective in February, the 4.3 percent increase is PSI's first hike in base rates since 1986. It will pay for projects such as the company's energy conservation programs, new facilities to help generate power during times of highest usage, and environmental improvements needed to comply with new laws New Laws: see Las Casas, Bartolomé de. . The increase reflects an additional $38 million in annual revenue. PSI first petitioned the commission in November 1992 for today's rate increase. Since that time, PSI began several other environmental projects and filed a second rate increase request. While that increase was initially estimated at about 8 percent, the company will be evaluating how today's decision and PSI's ability to recover finance charges on pollution control equipment will affect that estimate. PSI will file testimony in May on the second rate increase, proposed to take effect in 1996. An average residential customer using 1,000 kilowatt hours Kil´o`watt` hour 1. (Elec.) A unit of work or energy equal to that done by one kilowatt acting for one hour; - approximately equal to 1.34 horse-power hour. Noun 1. of electricity monthly will see an increase of about $3.07 per month based on today's action. If the 1.9 percent rate update is also approved, the average residential customer would see an additional increase of about $1.10 per month. PSI Energy is the largest supplier of electricity in Indiana, serving more than 636,000 customers in 69 of the state's 92 counties. Both PSI and The Cincinnati Gas & Electric Co. are subsidiaries of CINergy Corp. CONTACT: PSI Energy, Plainfield News media: Angeline Protogere, 317/838-1338 or 317/298-3090 after 6 p.m. Investors: Renae Conley, 317/838-1157 |
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