In January the PUC ordered a whopping 17% increase in average electricity rates. Well now, BEL is asking the PUC to lower the rate just a little. The power company made this application in its Annual Tariff Review Proceeding for July first, 2013 to June 30th, 2014.
BEL asks the PUC to reduce the average Electricity Rate by about 1 cent per kilowatt hour - which would bring the residential rate down to about 48 cents per kilowatt hour - still a long ways off form the 41.6 cents per kilowatt hour it was at in 2012.
BEL says the modest decrease is a reflection in a slightly cheaper cost of power. BEL is also reducing its Rate of Return from 10 per cent to 9 per cent, after reducing financing costs.
The PUC will now make its own review and recommendation.
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