Mississippi PSC: $300,000,000 Settlement Secured with Entergy Mississippi

Beneath is a press launch from the Mississippi Public Service Fee:

A particular assembly was just lately held by Mississippi Public Service Commissioners Brandon Presley, Brent Bailey and Chairman Dane Maxwell.

The assembly was with regard to utilities, and motion relating to pending litigation on the Federal Power Regulatory Fee.

It passed off within the Mississippi Public Service Fee Listening to Room Foyer, 1st Ground, Woolfolk State Workplace Constructing, Jackson, Mississippi.

You’ll be able to watch the assembly under:

The PSC’s Largest Settlement In State Historical past Contains $235,000,000 Money Settlement And An Extra $65,000,000 In Financial savings To Clients

The Mississippi Public Service Fee introduced right this moment a $300,000,000 settlement with Entergy Mississippi, the state’s largest electrical utility, and different events.  The unanimous, bipartisan settlement which is able to produce money funds or invoice credit to Entergy Mississippi’s 461,000 prospects, together with mitigation of future charge will increase attributable to risky world vitality markets, represents the Public Service Fee’s largest money settlement in state historical past.   

In 2017, the Fee started litigation earlier than the Federal Power Regulatory Fee relating to sure accounting and financing points of the Grand Gulf Nuclear Energy Station that produced right this moment’s settlement.  The $300 million settlement with Entergy Mississippi and different events is expounded to 13 litigated proceedings earlier than the Federal Power Regulatory Fee.  This world settlement for the State of Mississippi will ship expeditious advantages to Entergy Mississippi’s prospects via refunds and potential charge reductions, plus lower regulatory uncertainty on the Grand Gulf Nuclear Station. 

The outcomes of the Settlement embrace:

– Producing roughly a complete of $300 million in advantages for Entergy Mississippi prospects

– $200 million might be used to offset excessive pure costs attributable to world spikes in vitality markets.

• With out infusion of this $200 million, Entergy Mississippi prospects would have seen an over $15 greenback a month enhance starting in January 2023.

• The $200 million offset to Entergy Mississippi’s pure gasoline procurement to make electrical energy may also erase over $20 million in charges Entergy Mississippi’s prospects would have incurred..

– $35 million might be used for a onetime invoice credit score or test of roughly $80 for every buyer.

– The remaining $65 million in financial savings will present extra advantages that can mitigate future prices to prospects.

– Entergy Mississippi, on the expense of their shareholders, will incur prices of $600,000 over the following 4 years for an annual audit of sure monetary points of the Grand Gulf Nuclear Energy Station as directed by the Fee.

“As we speak’s settlement is a large win for Entergy Mississippi prospects, particularly within the Central District, the place practically 70% of Entergy Mississippi prospects reside,” Central District Commissioner Brent Bailey stated.  “The $80 credit score for every buyer— and each different greenback that we may also help prospects save on their electrical invoice— goes again into their pockets

throughout a time that Mississippians face rising costs on many client items and companies.  The conclusion of this lawsuit additionally permits the Fee to direct Entergy Mississippi to make use of $200 million to offset anticipated charge will increase which may also put a reimbursement into their pockets.  As Commissioner, it’s an honor to be part of the success of this noteworthy settlement.”

“I thank my colleagues and the Fee’s workers for the exhausting work that resulted on this historic settlement. To have the ability to ship money again to Mississippians at a time when they’re being hit with excessive gasoline costs on the pump and inflation at each flip is one in every of my proudest achievements as a Public Service Commissioner. In a world vitality disaster, we’ve

taken the result in brunt these results, as a lot as attainable, and supply long-term and short-term monetary advantages to our individuals. We are going to proceed to hunt in each nook and cranny for methods to save lots of Mississippians cash and maintain utility firms accountable,” stated Northern District Commissioner Brandon Presley.

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Over the approaching weeks, the Fee will tackle and order the disbursement of the Settlement.