Regulators OK increased electric rates at Consumers Energy
LANSING, Mich. (AP) - The average residential customer of Consumers Energy will pay $1.28 a month more for electricity under a new rate increase.
The Michigan Public Service Commission Thursday authorized Consumers to raise power rates by $130 million annually, effective Dec. 1, less than $199 million the utility sought.
Average customers will pay $1.28 more, until the utility buys a natural gas-fired plant in Jackson. Then monthly bills will be $1.88 higher.
When the utility retires seven coal-fired units in April, the net increase will be $1.25.
Because Consumers self-implemented a $2.02 residential rate hike while awaiting the ruling, the total increase is 4.5 percent over rates approved in 2013 - or a 3.2 percent hike once coal plants close.
Commercial rates will rise 4.4 percent and industrial rates 0.1 percent.