Empire District Electric seeks rate increase

Empire District Electric Co. (NYSE: EDE) on Friday filed a request with the Missouri Public Service Commission to increase the Joplin company's rates for its Missouri customers.

With the move, Empire District is attempting to increase its annual base rate revenues by roughly $30.7 million. If the filing is approved, residential customers using 1,000 kilowatt hours per month would see a monthly increase of about $6.60, according to a company news release.

The increased revenues would recover:

• operation and maintenance expenses and capital costs associated with the May 22, 2011, tornado;
• Southwest Power Pool transmission charges, as the Federal Energy Regulatory Commission encourages the addition of new transmission lines for its members;
• operating system replacement expenses;
• vegetation management costs related to tree inspections and trimming; and
• new depreciation rates.

Empire District President and CEO Brad Beecher said in the release the rate increases likely would take effect in June 2013.

Empire District serves approximately 215,000 electric, natural gas and water service customers in Missouri, Kansas, Oklahoma and Arkansas.

As of 11:16 a.m., Empire District shares were trading at $21.24, compared to a 52-week range of $18.10 to $21.46.