The Missouri Public Service Commission has voted to phase-in an electric rate increase for L&P service territory customers of KCP&L-Greater Missouri Operations Company.  The phase-in will cover a three year period.  The Commission’s vote was 4-1.
The Commission was concerned over the impact that a 21 percent increase in electric rates would have on the company’s L&P service territory customers.
“The Commission believes that its allocation of Iatan 2 power to the L&P service territory will bring long-term rate stability to the area,” said PSC Chairman Kevin Gunn.  “However to lessen the financial impact, the Commission ordered a three year phase-in.”
Under the phase-in, the first year increase will be approximately $22.1 million-the amount originally sought by the company in its rate case filing in June 2010.  The Commission said today that the remaining increase, plus carrying costs, will be phased-in in equal amounts over the next two year period.
Under the first year of the phase-in, an L&P residential customer using 1,130 kWh in the summer and 780 kWh in the winter, will see electric rates increase by about $12.82 a month.