WPS Rate Change for 2024

  • June 22, 2023
870 450 Tom Content

WPS RATE CASE HIGHLIGHTS

UPDATE: In December 2023, the PSC approved a reduction in rates for WPS of $32.6 million, or 2.6%. See updated information below and CUB press release here: WPS Electric Rates to Come Down in 2024

In May 2023, Wisconsin Public Service filed an application to change electric rates in 2024.

In PSC case 6690-UR-127, WPS sought:

    • A 2024 electric rate decrease of $28.5 million, or 2.3%.

KEY ISSUES IN THIS CASE

      • New Solar, natural gas plants: WPS says that higher costs of $9 million are linked to new solar projects as well as the new natural gas plant in Wausau.

    • Fuel cost savings: The company is forecasting savings on fuel costs. After updates for market prices of natural gas in the fall, the PSC approved a decrease of 2.x%. Recall that this decrease came after a sizable increase that hit bills in 2023.

AFFORDABILITY

      • CUB remains concerned about the affordability of energy costs, given the increase that hit customers’ bills in 2023.

    • WPS, CUB and others are collaborating to develop other ideas, such as a percent of income credit, to help customers who are struggling to make ends meet. Information on that is in this case.

UPDATE ON PROFITS

      • WEC’s Wisconsin utilities reported $758 million in profit in 2022. The WPS profit rate won’t be changed in 2023 for 2024 because that was decided in 2022. The PSC reduced We Energies’ profit rate to 9.8%, still far too high.

      • CUB in 2022 advocated for a bolder reduction, to 9.1%.

    • Customers across the country are overpaying by billions from profit rates that have remained far too high for far too long.

TIMELINE

      • Ongoing: PSC Audit, Analysis

      • Aug/Sept.: CUB experts, PSC staff weigh in. See filings here. See CUB’s legal brief summing up the case here.

      • Sept. 25: Public Hearing at 2 p.m. & 6 p.m.

FIND OUT MORE

    • See all the filings in the case at the PSC here.

HAVE YOUR SAY

 

 

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