Monday, March 15, 2010

PPL Seeking Rate Increase

The Wall Street Journal (subscription):

PPL Corp. (PPL) said Monday it will seek what it called a modest increase in Pennsylvania electric rates beginning next year to cover its investments in power-grid infrastructure.

While the company hasn't finalized its request, it would seek no more than $115 million, said David DeCampli, president of PPL Electric Utilities. That would be about a 2.5% increase to PPL's annual retail revenue.

The rate hike, which requires approval of the state Public Utility Commission, would affect only distribution rates, which account for about one-fourth of the average residential electric bill.