MASSENA -- Liberty Utilities gas rates are scheduled to increase November 1 after officials formally filed documentation with the Public Service Commission on October 1.
The filing comes …
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MASSENA -- Liberty Utilities gas rates are scheduled to increase November 1 after officials formally filed documentation with the Public Service Commission on October 1.
The filing comes after parties struck an agreement in January when Liberty sought increases in gas rates last fall, a measure that was met with stern resistance from end-users who said they were already feeling the pinch due to inflation.
In January, State officials confirmed rates were negotiated and approved a joint proposal between the Commission, Liberty and customers who utilize the gas service.
For residential customers, they saw an increase of 3.4% in year one, 3.5% in year two and 3.8% in year three of the proposal.
The agreed return on equity is 9.3%, which will net the energy firm $1.07 million more in year one, $1.09 million in year two and $1.12 million in year three.
Customers using 81 therms per month will see a monthly increase of $3.01 in year one, $3.22 per month in year two and $3.58 per month in year three.
Officials said the agreement reflects primary rate drivers that include "the amortization of regulatory deferrals, increased depreciation expense due to incremental capital spending, increased net utility plant due to incremental capital spending, implementation of automated meter reading (AMR), operation and maintenance (O&M) expenses (particularly labor and benefits), and property taxes."
As part of the three-year deal, industrial delivery rates will increase 5.8% in the first year, for a 2.4 percent total revenue increase that equates to $1.06 million.
In year two, that increases to $1.09 million, or a 5.6% delivery increase and 2.4% total revenue increase.
In year three, that figure rises to $1.12 million or 5.5% delivery rate increase and 2.4% of total revenue.
The additional proposed increase comes at a time when many families continue to struggle with basic expenses and home heating fuel averages around $5.50 throughout St. Lawrence County.
St. Lawrence County also charges a 4% home heating fuel tax.
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