The Public Service Commission issued the following statement.
The
Mississippi Public Service Commission announced today a $300,000,000
settlement with Entergy Mississippi, the state’s largest electric
utility, and other parties. The unanimous, bipartisan settlement which
will produce cash payments or bill credits to Entergy Mississippi’s
461,000 customers, along with mitigation of future rate increases caused
by volatile global energy markets, represents the Public Service
Commission’s largest cash settlement in state history.
In
2017, the Commission began litigation before the Federal Energy
Regulatory Commission regarding certain accounting and financing aspects
of the Grand Gulf Nuclear Power Station that produced today’s
settlement. The $300 million settlement with Entergy Mississippi and
other parties is related to 13 litigated proceedings before the Federal
Energy Regulatory Commission. This global settlement for the State of
Mississippi will deliver expeditious benefits to Entergy Mississippi’s
customers through refunds and prospective rate reductions, plus decrease
regulatory uncertainty at the Grand Gulf Nuclear Station.
The results of the Settlement include:
- Producing roughly a total of $300 million in benefits for Entergy Mississippi customers
- $200 million will be used to offset high natural prices caused by global spikes in energy markets.
- Without infusion of this $200 million, Entergy Mississippi customers would have seen an over $15 dollar a month increase beginning in January 2023.
- The $200 million offset to Entergy Mississippi’s natural gas procurement to make electricity will also erase over $20 million in fees Entergy Mississippi’s customers would have incurred..
- $35 million will be used for a onetime bill credit or check of approximately $80 for each customer.
- The remaining $65 million in savings will provide additional benefits that will mitigate future costs to customers.
- Entergy Mississippi, at the expense of their shareholders, will incur costs of $600,000 over the next four years for an annual audit of certain financial aspects of the Grand Gulf Nuclear Power Station as directed by the Commission.
“Today’s
settlement is a huge win for Entergy Mississippi customers, especially
in the Central District, where nearly 70% of Entergy Mississippi
customers reside,” Central District Commissioner Brent Bailey said. “The
$80 credit for each customer— and every other dollar that we can help
customers save on their electric bill— goes back into their pockets
during a time that Mississippians face increasing prices on many
consumer goods and services. The conclusion of this lawsuit also allows
the Commission to direct Entergy Mississippi to use $200 million to
offset anticipated rate increases which will also put money back into
their pockets. As Commissioner, it’s an honor to be a part of the
success of this noteworthy settlement.”
“I
thank my colleagues and the Commission’s staff for the hard work that
resulted in this historic settlement. To be able to send cash back to
Mississippians at a time when they are being hit with high gasoline
prices at the pump and inflation at every turn is one of my proudest
achievements as a Public Service Commissioner. In a global energy
crisis, we have taken the lead to brunt these effects, as much as
possible, and provide long-term and short-term financial benefits to our
people. We will continue to hunt in every nook and cranny for ways to
save Mississippians money and hold utility companies accountable,” said
Northern District Commissioner Brandon Presley.
Over the coming weeks, the Commission will address and order the disbursement of the Settlement.
17 comments:
Been an Entergy customer since the day MP&L gave-way to the giant. I guess I should be happy to get eighty bucks out of the Three-Hundred-Million. My dad, a 35 year MP&L retiree (back about 1980) would be proud. We could take that $80 windfall, buy crickets and worms and head out across the levee at Rosedale. Might even spring for a six-pack of Bud Lite.
On the other hand, accountants are the greatest shell-game artists in the universe and nothing that's proposed (in this 'settlement') to cover future mystery increases will ever hit the boards.
Hopefully we will actually get some money back from this. AT the moment, Im not holding my breath for the $80.00 mentioned.
You people somehow think electric vehicles are going to be better than gasoline? Just wait until these same people control your ability to move freely around the country!
So $200 million of the $300 million settlement will serve as a "credit" against future rate increases? Really? What will keep Entergy from manufacturing bogus rate increases to quickly draw down this phantom credit? Hell, make it $500 million in phantom credits against bogus future rate increases while you're at it.
"Let them eat cake..."
@4:47 -Oil executives aren’t known for their generosity either, but at least you can always install a generator or solar panels if you don’t trust you electricity supply. It’s a bit tougher to make your own gasoline.
@5:12
You can make your own ethanol and biodiesel and burn it in any vehicle. Just don’t put more ethanol in the tank than you can burn in a day. Because that shit attracts moisture like a magnet.
Oil and gasoline are a commodity traded on the global market. Oil execs and governments can try to manipulate, but ultimately the free market sets the price.
Damn good lawyering - on behalf of Entergy it appears. Settle for $300 million, but $200 of that is maybe/pretend money.
$80 per customer. I guess that is current customer? What about someone that paid Entergy for the past 40 years, but quit being a customer say a year ago? Do they get their pittance $80 too - after all, they were the ones that suppoesedly were being overcharged.
Originally this claim was to be prorated based on what the customers paid - guess the accountants didn't want to have to go figure all that out and give back to those according to what they paid. Now, it will be to 'not charge those next year for what they use'.
Kinda like the settlement that the City of Jackson is making with all its deliquent non-payers of their water (and sewer, and garbage - but lets never talk about those details.) If they swear they will pay in the future, and never straight pipe again, or never just take advantage of a moritorium, then they can keep on getting their water. While the rest of us will face a doubling of our garbage fees.
Oh to be a utility - always on the winning side.
Look for widespread blackouts to make up for the difference
No doubt they make it back in the next 12 months and blame Covid, supply chain and Russia. Brilliant move by Entergy. PSC got played.
Taxation without representation. Fines are the biggest con game of all time
Isn't Entergy charging the customers $400,000,000+ for "smart" energy - which means they can read your meter and your emails from their comfy offices?
Anybody who thinks Entergy is paying one dime is naive. You, the customer are paying for this B.S., and a few lawyers are getting rich.
714am said it well 👏
And, we've forgotten that WE paid for Grand Gulf and were promised " free" electricity as it would generate MORE than needed for Mississippi customers. That excess would be "sold" to cover operation expenses. The shareholders didn't pay for it to be built!
$300,000,000 is already down to $35 million. And that will be deducted from your electric bill. Who exactly thought this was a good idea, besides Entergy?
Obviously just a hollow diversion from the fact that the PSC can't do one damned thing to address the real elephant in every house...robo-calls.
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