Puget Sound Energy filed a proposal with state regulators today to establish new electric and natural gas rates in 2012 to recover the costs of work done to increase electric and gas delivery system reliability and provide a cleaner energy supply for local homes and businesses.
The rate request is based on energy system improvements made in 2009 and 2010, when PSE invested almost $1.1 billion for new gas and electric delivery infrastructure and new electric generation, including Phase 1 of the Lower Snake River Wind generation facility currently under construction in Garfield County.
The proposed rates, which, if approved, would take effect in May 2012 following the UTC's 11-month approval process, ask for overall increases of 8.1% in electric rates and 3% in natural gas rates for all customer groups. The increases would raise the average homeowner's monthly electric bill by $8.37 (based on 1,000 kWh per month) and monthly natural gas bill by about $2.84 (based on 68 therms per month).
In its filing with the Washington Utilities and Transportation Commission, PSE seeks to increase annual revenues by $193 million and to set an allowed return on common equity of 10.8% and a regulatory capital structure of 48% equity. The filing also proposes a conservation savings adjustment mechanism related to the energy-efficiency services for business and residential customers.
For more information, visit www.pse.com.