Washington Gas Requests Virginia Rate Increase to Support Safety and Other Service Enhancements
June 30 2016 - 4:05PM
Business Wire
Washington Gas, a WGL company (NYSE: WGL), today filed an
application with the Commonwealth of Virginia’s State Corporation
Commission (SCC) to increase its base rates for natural gas
service, generating $45.6 million in additional annual revenue. The
revenue increase includes $22.3 million associated with natural gas
pipeline replacement initiatives previously approved by the
Commission and paid by customers through a monthly rider.
The filing addresses rate relief necessary for Washington Gas to
recover its costs and earn its allowed rate of return. The typical
residential heating customer would see an approximate net 4.6
percent gas bill increase or, on average, about $3.08 per
month.
In addition to programs to upgrade the Washington Gas
distribution system and enhance safety, the proposed rate increase
includes provisions designed to deliver the benefits of natural gas
– including lower energy costs, economic growth and reduced carbon
emissions – to more customers. These include proposals to:
- facilitate conversion to natural gas in
locations already served by Washington Gas;
- expand the natural gas system to
high-growth communities in Virginia; and
- drive innovation through research and
development to enhance service for customers
“We are committed to the safe and reliable delivery of natural
gas to our customers in Virginia and throughout the Washington,
D.C. metropolitan area,” said Adrian Chapman, president and chief
operating officer of Washington Gas and WGL Holdings, Inc. “Our
proposal to the Commission reflects this commitment and includes a
number of provisions to expand the benefits of natural gas to more
Virginians while enhancing service delivery.”
The company anticipates that the new rates will become effective
in the December 2016 billing cycle. Washington Gas’ last Virginia
SCC-approved rate increase was effective in October 2011.
Approximately 512,000 of the company’s 1.1 million customers reside
in Virginia.
About Washington Gas
Washington Gas Light Company is a regulated natural gas utility
providing safe, reliable natural gas service to more than 1.1
million customers in the District of Columbia, Maryland and
Virginia. A subsidiary of WGL Holdings, Inc., the company has been
providing energy to residential, commercial and industrial
customers for more than 167 years.
About WGL
WGL (NYSE: WGL), headquartered in Washington, D.C., is a leading
source for clean, efficient and diverse energy solutions. With
activities and assets across the U.S., WGL consists of Washington
Gas, WGL Energy, WGL Midstream and Hampshire Gas. WGL provides
options for natural gas, electricity, green power and energy
services, including generation, storage, transportation,
distribution, supply and efficiency. Our calling as a company is to
make energy surprisingly easy for our employees, our community and
all our customers. Whether you are a homeowner or renter, small
business or multinational corporation, state and local or federal
agency, WGL is here to provide Energy Answers. Ask Us. For more
information, visit us at www.wgl.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160630006026/en/
Washington GasNews Media:Jim Monroe,
202-624-6620orFinancial Community:Douglas Bonawitz,
202-624-6129
Wgl (NYSE:WGL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wgl (NYSE:WGL)
Historical Stock Chart
From Apr 2023 to Apr 2024