Article originally published by BizTimes
A settlement between WEC Energy Group and two major customer groups would limit We Energies’ overall electric rate increase to 1.3% in 2020 with no additional rate increase in 2021. The utility’s original request to the Public Service Commission of Wisconsin would have increased electric rates 2.9% in 2020 and another 2.9% in 2021. Milwaukee-based WEC Energy Group first notified the PSC of the settlement with Citizens Utility Board of Wisconsin and the Wisconsin Industrial Energy Group on Friday [August 27]…
The deal also seeks to address the remaining roughly $400 million in costs for the Pleasant Prairie Power Plant the utility shut down in 2018… The agreement calls for We Energies to securitize $100 million of those costs through a form of bonding at an interest rate well below 10%.
“This is a big step for this utility to include securitization,” said Tom Content, executive director of the Citizens Utility Board. Content said dealing with the stranded costs of older coal-powered plants is one of the more important issues as the utility works to shift toward more renewable energy sources…