The Missouri Public Service Commission has approved an agreement between Joplin-based Empire District Electric Co. and the Office of the Public Counsel, allowing the company to increase its electric rates for its Missouri customers.
The rate increase, which will add about $13.03 per month to the bills of customers using 1,000 kilowatt-hours of electricity, was first approved by the PSC in May but was delayed because it hinged on the company's Plum Point Generating Facility being fully operational and used for service by Aug. 15, according to a PSC release.
Plum Point completed the in-service criteria set by the PSC, allowing the facility to be fully operational by the deadline.
"The commission is pleased that the state-of-the-art Plum Point power plant is now providing service to Empire's customers," PSC Chairman Robert M. Clayton said in the release.
Empire District announced its second-quarter results July 29, stating that price per diluted share in the quarter was 18 cents, compared to 22 cents in second-quarter 2009, according to Springfield Business Journal coverage.
In the accompanying news release, the company said its third-quarter earnings would likely be affected positively if the Plum Point facility was able to satisfy the requirements leading to the rate increase.
As of late morning Aug. 20, the Empire District stock (NYSE: EDE) was $19.76, compared to its 52-week range of $17.57-$20.41.[[In-content Ad]]