JOPLIN, Mo. -- The Empire District Electric Company (NYSE:EDE) today announced that the Kansas Corporation Commission has granted an annual increase in base electric rates of approximately $2.15 million, or 12.67 percent, in the rate case filed by Empire on April 29, 2005, for its Kansas customers. The Commission also approved the use of an Energy Cost Adjustment (ECA). The rates will go into effect on January 1, 2006. Based on historical fuel and purchased power data, a residential customer using 750 kilowatt-hours of electricity would see a monthly increase of approximately $10.20.
The Energy Cost Adjustment will reflect actual fuel and energy costs and will not fix rates at current, historically high prices. This gives better price signals to customers as fuel and purchased power costs rise and fall. The ECA will be adjusted monthly and once a year the recovery or return of under/over energy cost collections will take place after an audit of the calculation and a review of Empire's energy procurement process by the KCC Staff.
In making the announcement, Bill Gipson, President and CEO, stated: "We are constantly striving to provide our customers with safe, reliable energy that is competitively priced and our shareholders with a fair return. We believe this decision is a fair balance."
Based in Joplin, Missouri, The Empire District Electric Company (NYSE:EDE) is an investor-owned utility providing electric service to approximately 157,000 customers in southwest Missouri, southeast Kansas, northeast Oklahoma, and northwest Arkansas. The Company also provides fiber optic and Internet services, customer information software services, and has an investment in close-tolerance, custom manufacturing. Empire provides water service in three incorporated communities in Missouri.
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