Empire District Electric lowers rates

The Missouri Public Service Commission approved Joplin-based Empire District Electric Co.'s request to lower the fuel adjustment charge on the bills of its electric customers, effective June 1.

The move drops electric bills by roughly $6 per month for residential customers using 1,000 kilowatt-hours of electricity per month, according to a news release.

The customer savings reflect decreases in electric fuel and purchased power expenses. In the first quarter, these expenses decreased about $9 million compared to first-quarter 2011.

Empire District has roughly 149,500 electric customers in Barry, Barton, Cedar, Christian, Dade, Dallas, Greene, Hickory, Jasper, Lawrence, McDonald, Newton, Polk, St. Clair, Stone and Taney counties.

The company, which trades publicly as (NYSE: EDE), posted first-quarter net income of $9.8 million, a 17.8 percent decrease compared to earnings of $12 million in the same quarter of 2011.

As of 11:04 a.m., Empire District's shares were trading at $20.25, compared to its 52-week range of $18.01 to $23.26.