The Florida Public Service Commission (PSC) today approved a Settlement Agreement between Peoples Gas System (PGS) and the Office of Public Counsel (OPC) that will refund $3 million to PGS customers.
Filed with the Commission last month, the Settlement directs disbursement of company earnings above the PSC-authorized maximum 11.75 percent. In March, residential customers using 20 therms will receive a one-time $3.74 credit on their PGS bill.
“In today’s economy, PGS and OPC’s Settlement had the right focus – working together to reach agreement and giving back to customers,” said Commission Chairman Art Graham. “My colleagues and I agreed that refunding customers, when possible and appropriate, benefits the customer, the community, and the company.”
Funds remaining following the customer refund will be used to reduce depreciation needs to guard against future rate increases. PGS December sales figures have not yet been reported. PSC staff regularly monitors regulated utility company earnings to make sure profits are kept at Commission-approved levels.
PGS provides natural gas to approximately 334,000 commercial, industrial, and residential customers in three regions (South, West, and North) that include multiple division locations, from Palm Beach to St. Petersburg to Panama City.
The PSC facilitates safe and reliable utility services at fair prices for Florida's consumers. Primary responsibilities include setting fair rates, encouraging competition, and monitoring for safety and reliability.
For additional information, visit www.floridapsc.com.