The Arkansas Public Service Commission voted this week to support a nearly $88 million rate hike for Summit Utilities. But regulators decided the hike won’t be allowed to take effect until after winter.
Arkansas Business reported the $87.7 million annual rate hike mean a 23.4% increase but half of it will be delayed until April. The three commissioners agreed the delay will “smooth the impact” on ratepayers who will pay on average, another $15.43 a month once the increase takes full effect.
According to the Arkansas Business report, Summit CEO Kurt Adams explained the proceeds will go toward funding gas system safety and reliability upgrades. State Attorney General Kim Griffin had opposed the hike but agreed, the delay gave a more favorable outcome to Arkansas ratepayers.
