Dive Summary:
- Mississippi Power has reached a settlement with the state's Public Service Commission that permits the utility to seek a rate recovery for the Kemper County integrated gasification combined-cycle power plant.
- The utility, which is a subsidiary of Southern Co., has requested to recover $172 million; rate increases associated with this recovery will go into effect in April 2013.
- The plant is currently 75 percent complete and is scheduled to being operations in May of 2014.
From the article:
Mississippi Power, a subsidiary of Southern Co. (NYSE: SO), has requested to recover $172 million, or a 21 percent adjustment on total retail revenues. The company said in a release it anticipates the overall average rate effect of the Kemper project will be approximately 25 percent. If approved, the increase will go into effect in April 2013.
As part of the agreement, Mississippi Power also will design a rate plan for the first seven years of the plant’s operation and will limit the total rate base related to the power plant portion to $2.4 billion plus any costs determined by the PSC to be appropriate. ...