The Empire District Electric Company Announces New Rates for Missouri Customers
June 24 2015 - 6:29PM
Business Wire
The Empire District Electric Company (NYSE:EDE) announced today
that the Missouri Public Service Commission (MPSC) has granted new
rates for Missouri customers, effective by July 26, 2015. The order
approves an annual increase in base revenues of about $17.1 million
or 3.88 percent, consistent with the non-unanimous stipulation and
agreement filed April 8, 2015. A residential customer using 1,000
kilowatt hours per month will see an increase of approximately $8
per month or about 6.5 percent. The increase to residential
customers reflects the MPSC adoption of the position recommended by
Missouri Energy Consumers Group (MECG). MECG represents a subset of
industrial consumers.
The order establishes a tracking mechanism for expenses related
to the Riverton 12 long-term maintenance contract; continues
tracking of pension and other post-employment benefit expenses; and
discontinues tracking of vegetation management expenses and Iatan
2, Iatan Common and Plum Point operating and maintenance costs.
In addition, the order provides for the tracking and recovery of
a portion of future changes in total transmission expense through
the Fuel Adjustment Charge. Empire’s calculations show this to be
approximately 34 percent of total Southwest Power Pool transmission
expense. Empire’s current level of funding for energy efficiency
programs will continue.
According to Brad Beecher, President and CEO, “We believe the
MPSC order represents a fair decision. The order allows Empire to
recover the cost of environmental upgrades made to the Asbury Power
Plant and the new maintenance contract for Riverton 12. These
investments are necessary to comply with new EPA standards.”
Beecher adds, “We are pleased with the improved ability to
recover changes in transmission costs. The order is also reflective
of lower fuel costs. As a result, our 2015 earnings per share
guidance of $1.30 to $1.45, issued in February 2015, remains
unchanged.”
Based in Joplin, Missouri, The Empire District Electric Company
(NYSE:EDE) is an investor-owned utility providing electric, natural
gas (through its wholly owned subsidiary The Empire District Gas
Company), and water service, with approximately 218,000 customers
in Missouri, Kansas, Oklahoma, and Arkansas. A subsidiary of the
Company also provides fiber optic services. For more information
regarding Empire, visit www.empiredistrict.com.
The earnings guidance range assumes 30-year average weather,
overall system energy growth of less than 1%, and increased
operating costs, driven by a full year of service from the Asbury
AQCS upgrade. Other factors that may impact earnings include
variations in customer growth and usage projections and
unanticipated or unplanned events that may impact operating and
maintenance costs. The effects of assumptions and other factors
evaluated for the purpose of providing guidance are not necessarily
independent of one another, and the combination of effects can
cause individual impacts smaller or larger than the indicated
guidance range.
Certain matters discussed in this press release are
“forward-looking statements” intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. Such statements address future
plans, objectives, expectations, and events or conditions
concerning various matters. Actual results in each case could
differ materially from those currently anticipated in such
statements, by reason of the factors noted in our filings with the
SEC, including the most recent Form 10-K and 10-Q.
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version on businesswire.com: http://www.businesswire.com/news/home/20150624006526/en/
The Empire District Electric CompanyMEDIA COMMUNICATIONSJulie Maus,
417-625-5101Director of Corporate
Communicationsjmaus@empiredistrict.comorINVESTOR RELATIONSDale Harrington,
417-625-4222Secretary & Director of Investor
Relationsdharrington@empiredistrict.com
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