El Paso Electric Files Joint Motion to Abate Procedural Schedule in Texas Rate Case Docket No. 44941
January 21 2016 - 8:23PM
Business Wire
On January 21, 2016, El Paso Electric Company (EPE) (NYSE: EE)
filed a joint motion to abate the procedural schedule related to
its Public Utility Commission of Texas (PUCT) rate case proceeding
to facilitate settlement talks. The PUCT Staff, the City of El
Paso, the Office of Public Utility Counsel and the Texas Industrial
Energy Consumers joined in this joint motion. The parties have made
substantial progress in settlement talks but have not yet reached a
full settlement agreement. An Order approving the joint motion,
cancelling the prehearing conference scheduled for this Friday,
January 22, 2016, and postponing the start of the hearing on the
merits also was issued earlier today. EPE will file a status report
on settlement progress with the Administrative Law Judges next
Friday, January 29, 2016.
On August 10, 2015, EPE filed with the City of El Paso, other
incorporated municipalities in its Texas service territory and the
PUCT a request for an increase in non-fuel base revenues of
approximately $71.5 million. When EPE filed its rebuttal testimony
on January 15, 2016, it modified the requested increase to $63.3
million. A hearing on the merits of the rate case filing was set to
begin on January 26, 2016.
“We continue to make progress with our intervenors and
regulators toward reaching a settlement," said Mary Kipp, El Paso
Electric CEO. "The temporary abatement of this rate case proceeding
allows us to continue our settlement discussions."
El Paso Electric is a regional electric utility providing
generation, transmission and distribution service to approximately
400,000 retail and wholesale customers in a 10,000 square mile area
of the Rio Grande valley in west Texas and southern New Mexico. El
Paso Electric has a net dependable generating capability of 2,010
MW.
Safe Harbor
This news release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor
provisions within the meaning of Section 27A of the Securities Act
of 1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
This information often involves risks and uncertainties that could
cause actual results to differ materially from such forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to: (i) a breakdown in
settlement discussions with the parties in EPE’s Texas rate case;
(ii) EPE’s inability to reach agreement with the intervenors in
EPE’s Texas rate case; (iii) increased prices for fuel and
purchased power and the possibility that regulators may not permit
EPE to pass through all such increased costs to customers or to
recover previously incurred fuel costs in rates; (iv) full and
timely recovery of capital investments and operating costs through
rates in Texas and New Mexico; and (v) other factors detailed by
EPE in its public filings with the Securities and Exchange
Commission. EPE's filings are available from the Securities and
Exchange Commission or may be obtained through EPE's website,
http://www.epelectric.com. Although El Paso Electric believes that
the expectations reflected in such forward-looking statements are
reasonable, no assurances can be given that these expectations will
prove to be correct. Any such forward-looking statement is
qualified by reference to these risks and factors. EPE cautions
that these risks and factors are not exclusive. EPE does not
undertake to update any forward-looking statement that may be made
from time to time by or on behalf of EPE except as required by
law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160121006574/en/
El Paso Electric CompanyPublic RelationsEddie Gutierrez,
915-543-5763eduardo.gutierrez@epelectric.comorInvestor
RelationsLisa Budtke,
915-543-5947lisa.budtke@epelectric.comorRichard Gonzalez,
915-543-2236richard.gonzalez@epelectric.com
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