GLASGOW, U.K., March 3, 2004 (PRIMEZONE) -- ScottishPower today announces that on 2 March the Wyoming Public Service Commission (WPSC) granted approximately $23 million of additional annual revenues to its PacifiCorp subsidiary.
The rate increase reflects more current levels of expenditure, including lower power costs and other adjustments, which effectively reduced the amount requested to approximately $35 million from nearly $42 million as originally filed on 27 May 2003. In line with recent awards in other jurisdictions, the settlement provides a return on equity of 10.75%.
The company received no material disallowances against rate base with full recovery awarded for all new system investments for generation, transmission and distribution, and for higher insurance costs.
The settlement will lead to an average overall price increase in Wyoming of approximately 7.2%, with effect from 3 March, and keeps PacifiCorp electricity prices among the lowest in the Western US.
PacifiCorp CEO Judi Johansen said: "This award continues PacifiCorp's steady advance towards its fiscal year 2004/05 annual EBIT target. Importantly, this order provides full recovery of all new investments and allowable operating costs in Wyoming, and reflects the commission's recognition of the investments made by PacifiCorp in support of the region's strong economic growth."
This information is provided by RNS
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