Printer Friendly

ATLANTA GAS LIGHT RESPONDS TO PSC DECISION

 ATLANTA, Sept. 29 /PRNewswire/ -- The Georgia Public Service Commission (PSC) voted today in a rate case filed by Atlanta Gas Light Company (NYSE: ATG) to authorize the gas distribution utility to increase its annual revenues by $11,166,000 or 1.1 percent, effective Oct. 1.
 The company had filed the case with the PSC on March 31 asking permission to increase annual revenues by $62,530,000.
 During the course of the rate proceedings, the company concluded that its original request should be modified by some of the financial adjustments proposed by the PSC's adversary staff, including a phase-in for postretirement medical and life insurance benefit costs. Those adjustments reduced the requested increase to approximately $47 million. The PSC adopted a different depreciation rate than that proposed by the company. This adjustment reduces the $47 million requirement by an additional $12 million but will have no impact on the net income of the company.
 The company issued the following statement in response to the PSC decision:
 While we have not had the opportunity to study the PSC's decision
 on our rate increase request fully, we are extremely disappointed
 with the level of the increase. In particular, we are disappointed
 that the PSC reduced the company's allowed return to shareholders
 to 11 percent from the current level of 11.6 percent. In addition,
 we are disappointed with the unwarranted reduction in the level of
 utility expenses allowed by the PSC. We believe that the evidence
 before the PSC required a significantly higher increase than the
 PSC permitted.
 The company has begun to evaluate its options to secure relief
 that would properly balance the long-term interests of its customers
 and shareholders. Those options include a request to the PSC to
 reconsider its decision and an appeal of the decision to the courts.
 -0- 9/29/93
 /CONTACT: Ross Willis of Atlanta Gas Light Company, 404-584-3769/
 (ATG)


CO: Atlanta Gas Light Company; Georgia Public Service Commission ST: Georgia IN: UTI SU:

RA-BN -- AT010 -- 6999 09/29/93 17:18 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 29, 1993
Words:338
Previous Article:APPLE SHIPS STANDALONE NEWTON CONNECTION KIT FOR MACINTOSH WINDOWS VERSION DEBUTS THIS FALL
Next Article:WRC-TV COMPLETES RETRANSMISSION CONSENT DEAL WITH MEDIA GENERAL CABLE SYSTEMS IN VIRGINIA
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters