ALBANY – The State Public Service Commission will hold public comment sessions on March 10 in the Town of Poughkeepsie and on March 12 in Kingston on Central Hudson Gas and Electric’s proposed $55 million, three-year electric and gas rate plan.
The joint proposal was filed on February 6, 2015 by Central Hudson, the Department of Public Service and four other parties, to resolve all issues raised concerning the company’s initial July 24, 2014 rate increase request.
Under the terms of the proposal, Central Hudson would increase its delivery
revenues from electric customers by $20.2 million in the rate year beginning
July 1, 2015, by an additional $20.8 million in the rate year beginning
July 1, 2016, and by an additional $14 million in the rate year beginning
July 1, 2017.
For gas customers, the delivery revenue increases are $2.5 million in the first year, $5.3 million in the second year and $4.3 million in the third year.
Bill credits and other adjustments would reduce those increases somewhat.
Central Hudson said the revenue increases reflect a return on equity for the company of nine percent, with a common equity ratio of 48 percent, and establish an earnings sharing mechanism that would allocate to customers 50 percent of any earnings about 9.5 percent, 80 percent of earnings above 10.5 percent, and 90 percent of any earnings above 10.5 percent.
The March 10 hearing will be held at Poughkeepsie Town Hall and the March 12 session will be at Kingston City Hall. Both will start at 6 p.m.