Texas Commission Issues Decision on Notice in Pending El Paso Electric Rate Case
May 19 2016 - 8:39PM
Business Wire
On May 19, 2016, the Public Utility Commission of Texas (“PUCT”)
ruled that the initial notice provided by El Paso Electric Company
(“Company”) (NYSE: EE) in the rate case pending before the PUCT did
not include the treatment of residential customers with solar
systems that was subsequently contained in the non-unanimous
settlement executed by the Company. Those four intervenors who did
not join in the non-unanimous settlement had filed an appeal with
the PUCT challenging the adequacy of the notice with respect to
solar customers. The May 19 ruling from the PUCT, which has not
been reduced to a written order, will remand the notice issue to
the Administrative Law Judges (“ALJs”), who are expected to
establish a schedule for issuing additional notice. On April 22,
2016, the ALJs had issued an Order Setting Procedural Schedule,
Notice of Hearing on the Merits, and Ruling on Notice, which ruled
against the four intervenors on the notice issue. At this time the
Company cannot predict what impact the PUCT ruling on notice will
have on the Company’s rate case or on the timing of when the PUCT
will issue a Final Order in this rate case. However, it is possible
that re-issuing notice could result in a significant delay in the
issuance of a Final Order. Regardless of when the Final Order is
issued, the new rates will relate back to consumption after January
12, 2016. Furthermore, as previously approved by the PUCT, the
Company implemented interim rates, subject to refund or surcharge,
effective April 1, 2016.
El Paso Electric is a regional electric utility providing
generation, transmission and distribution service to approximately
400,000 retail and wholesale customers in a 10,000 square mile area
of the Rio Grande valley in west Texas and southern New Mexico. El
Paso Electric has a net dependable generating capability of 2,098
MW.
Safe Harbor
This news release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor
provisions within the meaning of Section 27A of the Securities Act
of 1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
This information often involves risks and uncertainties that could
cause actual results to differ materially from such forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to: (i) uncertainty
regarding the actions and timing of matters in EPE’s Texas rate
case pending before the PUCT; (ii) EPE’s inability to reach
agreement with the intervenors in EPE’s Texas rate case; (iii)
increased prices for fuel and purchased power and the possibility
that regulators may not permit EPE to pass through all such
increased costs to customers or to recover previously incurred fuel
costs in rates; (iv) full and timely recovery of capital
investments and operating costs through rates in Texas and New
Mexico; and (v) other factors detailed by EPE in its public filings
with the Securities and Exchange Commission. EPE's filings are
available from the Securities and Exchange Commission or may be
obtained through EPE's website, http://www.epelectric.com. Although
El Paso Electric believes that the expectations reflected in such
forward-looking statements are reasonable, no assurances can be
given that these expectations will prove to be correct. Any such
forward-looking statement is qualified by reference to these risks
and factors. EPE cautions that these risks and factors are not
exclusive. EPE does not undertake to update any forward-looking
statement that may be made from time to time by or on behalf of EPE
except as required by law.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160519006794/en/
El Paso Electric CompanyPublic RelationsEddie Gutierrez,
915-543-5763eduardo.gutierrez@epelectric.comorInvestor
RelationsLisa Budtke,
915-543-5947lisa.budtke@epelectric.comorRichard Gonzalez,
915-543-2236richard.gonzalez@epelectric.com
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