WLOX reports on news regarding the Mississippi Power Supreme Court Ruling. In 2013, the Mississippi Public Service Commission and Mississippi Power Company reached a settlement that included an increase in energy rates for Mississippi Power’s customers. The rate increases were to support some of the costs associated with building the world’s first clean coal plant during the construction phase. On February 12th, however, the Supreme Court of Mississippi decided to null that settlement. One day later, Mississippi Power responds…
One day after the Mississippi Supreme Court ordered Mississippi Power to refund two years of rate increases back to its customers, the company says it will likely file for a rehearing.
On February 13th, Mississippi Power filed a SEC 8-K with the Securities and Exchange Commission saying that it collected approximately $257 million from the rate hikes approved in March 2013.
Mississippi Power says it “continues to analyze the Court’s opinion and expects to file for a rehearing. The ultimate outcome of these matters cannot be determined at this time.”
The Mississippi Public Service Commission and Mississippi reached a settlement agreement in 2013 that allowed the power company to raise its rates 15 percent that year, and another 3 percent in 2014. Because that settlement agreement was made in private, a majority of the Supreme Court ruled it was “unenforceable.”
To answer questions about the rate hike, refund, and what’s next for the company, don’t miss Mississippi Power CEO Ed Holland on WLOX News Sunday morning at 8:30 a.m. on WLOX ABC.