CONSUMERS POWER COMPANY ELECTRIC RATE SETTLEMENT
CONSUMERS POWER COMPANY ELECTRIC RATE SETTLEMENT JACKSON, Mich., Nov. 18 /PRNewswire/ -- Consumers Power Company
announced today that a settlement has been reached and filed with the Michigan Public Service Commission (MPSC) that will not result in any further reduction in the company's electric rates as a result of its previously announced $40 million cost-reduction program. The parties to the settlement are the staff of the MPSC, the Michigan Attorney General, the Association of Businesses Advocating Tariff Equity (ABATE) and the Company.
Under the settlement agreement, Consumers Power's current electric rates will remain in effect in accordance with the MPSC's July 1991 order. Rather than reducing overall expenses, Consumers Power has reallocated the savings from the reduction program to the improvement of its electric production, transmission and distribution system. This is a part of a long-term plan and commitment by the company to improve the quality of service to its customers. If, for any reason, the agreed- upon expenditures are not made in 1992, the unspent amounts will be refunded to its electric customers. The settlement agreement requires the approval of the MPSC. William T. McCormick Jr., chairman and chief executive officer of Consumers Power, stated, "We are pleased that this MPSC staff investigation into our expenditures has resulted in all parties agreeing to allow our reallocations to proceed with no rate impact. We believe that this is in the best interest of our customers. With the commission's approval of the settlement, all of the parties to this settlement will have taken another positive step toward improved regulatory relationships." Consumers Power Company, the principal subsidiary of CMS Energy Corporation (NYSE: CMS), is Michigan's largest utility serving almost 6 million of the state's 9 million residents in 67 of the 68 Lower Peninsula counties. -0- 11/18/91 /CONTACT: Charles MacInnis of Consumers Power Company, 517-788-0333/ (CMS) CO: Consumers Power Company; CMS Energy Corporation ST: Michigan IN: UTI SU: ML -- DE002 -- 1217 11/18/91 08:20 EST
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|Date:||Nov 18, 1991|
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