KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comConsumers Energy ordered to partially refund money
Member Center:
 |
 |
LANSING, Mich. (AP) - Consumers Energy has been ordered to give electric customers a partial refund six months after Michigan's second-biggest utility was allowed to increase power bills.
The Michigan Public Service Commission on Monday authorized a $139 million rate increase, about $40 million less than what was authorized in May. Regulators say customers' bills will be about 1 percent lower than expected.
Regulators didn't approve executive bonuses factored into the rates and required the Jackson-based utility to spent money on tree trimming or refund the unspent amount.
Higher rates will continue to be partially offset with proceeds from the sale and decommissioning of a nuclear plant.
Regulators say rates will be more than 4 percent higher than in June 2008.
The company is a subsidiary of CMS Energy Corp.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Click here to find daily tax tips, forms, rules, and FAQ's. Brought to you by Jackson-Hewitt.
