PSCW Approves Wisconsin Public Service plan to make refund due to lower fuel costs
The Public Service Commission of Wisconsin (PSCW) authorized Wisconsin Public Service Corporation (WPS), a subsidiary of Integrys Energy Group (NYSE: TEG) to refund $8.1 million to Wisconsin electric retail customers for an over-recovery of fuel and purchased power costs. The refund to each customer will be based on actual use over the month of August, and will amount to about $5.32 for the typical residential customer using 600 kilowatt-hours of electricity monthly.
Customers will see portions of the refund on August and September 2014 bills.
“The refunds are a result of our normal rate case process for fuel,” said WPS Manager of Electric Fuel Cost Recovery John Guntlisbergen. “In each rate case, we forecast our expected fuel and purchased power costs for the year and a “window” is established for variances. If we fall outside the window, we either file for a refund to customers because costs were less than expected, or file for a surcharge because costs exceeded expectations.”
Continued lower prices for natural gas and lower market prices for electric power in 2013, were the primary factors in creating these refund opportunities.
“While this refund isn’t a large amount, it does reinforce the value that safe and reliable electricity brings to customers,” said Guntlisbergen, noting that using electricity to power all the electric equipment in a home costs about the same per month as the plan for a single smart phone.