Empire District Electric given green light to increase rates

Last edited 9:51 a.m., Aug. 4, 2015

The Missouri Public Service Commission yesterday delivered its stamp of approval for Joplin-based Empire District Electric Co. (NYSE: EDE) to increase rates for Show-Me State customers.

The rate hike, which becomes effective July 26, would boost company revenue 3.9 percent to roughly $17.1 million a year, according to a June 24 news release.

Empire District - which serves Greene County residents - will increase the bills of Missouri customers using 1,000 kilowatt-hours per month by $8, or about 6.5 percent. Empire District spokeswoman Julie Maus said bills are currently about $122.

With the extra revenue, Empire District plans to perform maintenance work on its Riverton, Kan., plant, pay pension and other post-employment benefits, and recover costs related to environmental upgrades for its Asbury power plant in Missouri, according to the release.

Empire District has 218,000 customers in Missouri, Kansas, Oklahoma and Arkansas, according to the company.

EDE shares were trading at $21.81 as of 10:58 a.m., compared to a 52-week range of $21.76 to $31.49.