The Florida Public Service Commission (PSC) today voted to place approximately $374,000 in a Rate Stabilization Escrow Account for the benefit of Aloha Utilities’ (Aloha) former customers. The funds will be managed by the utility’s new owner, Florida Governmental Utility Authority (FGUA), to help mitigate any future rate increase.
“Since Aloha’s customers funded the original escrow account, the money should rightfully be used to benefit them,” said PSC Chairman Matthew M. Carter II. “FGUA agreed that the best use of this money in the current economy is to offset any future rate increases for customers.”
While Aloha believed that it was entitled to the disputed escrow funds, the PSC rejected Aloha’s arguments and voted to transfer $374,000 to FGUA, which bought Aloha's assets in February 2009. Commissioners found that since the funds were collected, deposited, and under the PSC’s control prior to Aloha’s sale, jurisdiction of the funds remained with the Commission.
In addition to establishing jurisdiction and disposition over the escrowed funds, today the PSC acknowledged the sale of Aloha’s assets to FGUA and voted to close several open Aloha dockets upon final disposition of any pending regulatory matters.
The PSC is committed to making sure that Florida's consumers receive their electric, natural gas, telephone, water, and wastewater services in a safe, affordable, and reliable manner. The PSC exercises regulatory authority over utilities in the areas of rate base/economic regulation; competitive market oversight; and monitoring of safety, reliability, and service.
For additional information, visit www.floridapsc.com.