Louisville Gas and Electric Company, Kentucky Utilities Company and most parties to the utilities’ rate review have reached an agreement filed with the Kentucky Public Service Commission.
Additionally, the utilities have committed $1.45 million of shareholder dollars annually for the next four years to low-income advocacy groups that will be used to support the utilities’ most vulnerable customers.
If approved by the KPSC, KU would receive a revenue increase of $54.9.
A KU residential customer using an average of 1,179 kilowatt hours per month would see an increase of $4.21 per month. According to the agreement, the monthly electric basic service charge for KU, included in the increase above, would be $11.50 beginning July 1, 2017, and $12.25 beginning July 1, 2018, respectively.
“There were a large number of parties with different interests involved in this case and we are pleased to have reached a settlement that benefits our customers and their constituent groups,” said Kent Blake, LG&E and KU chief financial officer. “The agreement gives us the ability to enhance our reliability and continue providing safe and reliable service to our customers while meeting the needs of the parties to this case.”
The public hearing on the rate review is scheduled to begin May 9 at the KPSC offices in Frankfort.