B.E.L. Not Happy With Rate Reduction

But back in the city…When the Public Utilities Commission announced a week ago that electricity rates would be reduced from forty-one cents per kilowatt hour to thirty-five cents, consumers breathed a collective sigh of relief.  The reduction comes into effect on July first and is applicable until June thirtieth, 2016.  While a difference of six cents will be saved on every kilowatt hour consumed, B.E.L. is none too happy about the additional discount that the PUC has factored into its rate setting methodology.  Earlier today the company issued a release stating that its initial request was for a ten point four percent decrease and ended up with a fifteen point two-four percent cutback.  According to the release, B.E.L.’s submission was based on rate stability, while the PUC’s initial decision was in line with its rate setting methodology.  B.E.L. remains open to dialogue with PUC as it prepares to make its final decision regarding B.E.L.’s 2015/2016 annual review proceedings. But while the reduction has been approved for a year beginning July first, B.E.L. says that thereafter the utility company will be seeking a rate increase.