GREEN
BAY, Wis., April 28, 2022 /PRNewswire/ -- Wisconsin
Public Service (WPS) filed proposals with the Public Service
Commission of Wisconsin (PSCW)
today for regulatory reviews that will set customer rates for
electricity and natural gas for 2023.
The filing comes as WPS is in the midst of the largest clean
energy transition in company history.
"We have set some of the most aggressive goals in our industry
for reducing carbon and methane emissions. This rate plan will help
us reach those goals and provide customers with the affordable,
reliable and clean energy they depend on," said Scott Lauber, president – WPS.
The proposal includes critical investments in storm hardening
and grid resiliency.
The request — which includes millions of dollars of savings from
the closure of older, less-efficient fossil fuel plants — marks
only the third time in eight years the company has asked for an
increase in base rates.
The plan submitted for consideration would increase the typical
electric bill for residential customers by approximately
$5 to $6 a month in 2023, or roughly 5 to 6%.
Average bills would remain below the Midwest and national
average.
Electricity
In the rate filing, WPS points to three cost drivers:
- Capital investments in new solar, wind and battery storage —
many of which have already been approved by the PSCW.
- Reliability investments, including grid hardening projects to
bury power lines and strengthen the delivery network against severe
weather.
- Changes in wholesale business with other utilities.
Natural gas
WPS natural gas customers would see a small increase in their
monthly bills in 2023 as part of the filed plan.
Next steps
In late-May, WPS will update the filing to include more specific
information on the impact for each customer group. The company also
will provide this information to customers through a bill insert
and on wisconsinpublicservice.com.
The PSCW will conduct hearings on the WPS proposals and is
expected to make a final decision later this year. New rates are
expected to take effect in January
2023.
Wisconsin Public Service Corp. is a subsidiary of WEC Energy
Group Inc. (NYSE: WEC). The company serves approximately 457,000
electric and 338,000 natural gas customers in northeastern and
north central Wisconsin. Visit
wisconsinpublicservice.com
Forward-looking statements
Certain statements contained in this press release are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are based upon management's
current expectations and are subject to risks and uncertainties
that could cause actual results to differ materially from those
contemplated in the statements. Readers are cautioned not to place
undue reliance on these statements. Forward-looking statements
include, among other things, statements concerning management's
expectations and projections regarding regulatory actions and
decisions, expected rate case filings, and impact on customers. The
following factors, in addition to those discussed in each of WEC
Energy Group, Inc.'s, and Wisconsin Public Service Corporation's
Annual Report on Form 10-K for the year ended December 31, 2021 and in subsequent reports filed
with the Securities and Exchange Commission, could cause actual
results to differ materially from those contemplated in any
forward-looking statements: the possibility that the PSCW's order
will differ from the terms of the proposals; the timing, resolution
and impact of rate cases and other regulatory decisions; general
economic conditions, including business and competitive conditions
in WEC Energy Group, Inc.'s service territories; the extent,
duration and impact of the COVID-19 pandemic or any future health
pandemics; WEC Energy Group Inc.'s ability to continue to
successfully integrate the operations of its subsidiaries;
availability of generating facilities and/or distribution systems;
unanticipated changes in fuel and purchased power costs; key
personnel changes; varying, adverse or unusually severe weather
conditions; continued industry restructuring and consolidation;
continued advances in, and adoption of, new technologies that
produce power or reduce power consumption; energy and environmental
conservation efforts; WEC Energy Group Inc.'s ability to
successfully acquire and/or dispose of assets and to execute on its
capital plan; cyber-security threats and data security breaches;
construction risks; equity and bond market fluctuations; changes in
WEC Energy Group, Inc.'s and its subsidiaries' ability to access
the capital markets; changes in tax legislation or WEC Energy
Group, Inc.'s and its subsidiaries' ability to use certain tax
benefits and carryforwards; the impact of legislative and
regulatory changes, including changes to environmental standards
and greenhouse gas regulations, the enforcement of these laws and
the regulations and changes in the interpretation by regulatory
agencies; supply chain disruptions; inflation; political
developments; current and future litigation and regulatory
investigations, proceedings or inquiries; changes in accounting
standards and the ability of WEC Energy Group, Inc. or its
subsidiaries to obtain additional generating capacity at
competitive prices. Except as may be required by law, WEC Energy
Group, Inc., and Wisconsin Public Service Corporation expressly
disclaim any obligation to publicly update or revise any
forward-looking information.
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SOURCE WEC Energy Group