The Public Service Commission of Wisconsin (PSC) has approved an increase in We Energies' electric and natural gas rates. The approved amount, which was less than that requested by the utility, will help cover costs associated with meeting energy demands, renewable energy requirements outlined in 2005 Wisconsin Act 141, emissions control equipment and other environmental improvements, the company says.
The PSC set overall 2008 and 2009 electric rates for We Energies to increase by 3.4% for each year. In addition, a 2.1% increase for Wisconsin Gas Co. natural gas customers and a 0.7% increase for Wisconsin Electric Gas Co. customers was approved. The PSC also approved a 10.75% return on equity for We Energies.
The PSC will issue a written order to finalize the decision and the new rates become effective after the order is issued, but not before Jan. 1, 2008.