Summit Utilities agrees to $15 monthly rate hike for residential customers in Arkansas

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Summit Utilities ratepayers in Arkansas are likely to see a monthly rate hike of more than $15 as a result of the company’s request for a $105 million increase or a nearly 30% increase for residential customers.

The utility recently filed a settlement with the Arkansas Public Service Commission in which rates would go up by $15.43 a month more for residential customers. The hike, if given final approval by the state regulators would take effect Nov. 25.

Summit filed the request in January and its original proposal would have raised residential rates another $18.48 a month. The request was also part of the requirements by regulators following Summit’s acquisition of CenterPoint Energy’s assets in Arkansas.

In its original filing, Summit claimed nearly 82% of its request was intended to eliminate the regulatory lag between the establishment of interim rates and the determination of the company’s true cost of service.