Customers for Presque Isle Electric & Gas will soon be paying a bit more.
The Michigan Public Service Commission (MPSC) approved a settlement agreement reconciling Presque Isle Electric & Gas Co-op's (PIE&G's) 2009 power supply cost recovery (PSCR) expenses and revenues, and adjusting its times interest earned ratio (TIER) rate making mechanism for electric rates.
The settlement approved a revenue increase of $904,141 or approximately 3.1% of PIE&G's 2009 electric revenue.
As a result of the revenue increase, the typical residential member (using 600 kWh monthly) will see an increase of approximately $2.14 per month.
The new rates will take effect on electric statements rendered with due dates in November.
According to PIE&G President and CEO, Brian Burns, "Reliable and affordable electricity continues to be our focus. To this end, we invest approximately $3 million annually to rehabilitate aging utility plant as well as maintain a budget of $1 million to clear overgrown trees and brush from rights of way to improve service reliability."
