• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About
  • Advertise
  • Submit News
  • Contact Us

Capital Soup

Florida News Straight From the Source

  • Soup Du Jour
  • People
  • Government
  • Campaign
  • Business
  • Education
  • Insights
  • Video
You are here: Home / Soup Du Jour / PSC Approves Settlement Agreement for Peoples Gas System

PSC Approves Settlement Agreement for Peoples Gas System

Posted on February 7, 2017

The Florida Public Service Commission (PSC) today approved a Settlement Agreement offered by Peoples Gas System (Peoples Gas or Company) and the Office of Public Counsel (OPC), who represents Peoples Gas customers, that keeps base rates in place through 2020.

“The Settlement Agreement protects customers from any base rate increase through 2020,” said PSC Chairman Julie Brown.  “It also provides an opportunity for Peoples Gas to manage some critical projects, such as the environmental cleanup of its manufactured gas plants and replacement of plastic pipes.”

The Settlement Agreement stemmed from Peoples Gas’ original petition for approval of its 2016 Depreciation Study. OPC filed its response, proposing further adjustments to Peoples Gas depreciation rates. On December 15, 2016, Peoples Gas and OPC filed a Settlement Agreement outlining how their proposed adjustment of depreciation rates and modification to the Company’s return on equity would occur.  With the PSC’s approval, the agreement allows for the following terms:

  • Peoples Gas will not file a request for a general base rate proceeding before December 31, 2020, unless its earnings fall below 9.25 percent.
  • Establishes new depreciation rates and certain depreciation reserve transfers that are expected to result in a reduction in 2016 depreciation expense of $16.1 million.
  • Accelerates recovery of environmental cleanup and monitoring costs associated with former manufactured gas plants–old industrial facilities at which gas was produced from coal, oil, and other feedstocks. 
  • Expands Peoples Gas’ current accelerated cast iron and bare steel pipe replacement program to include “problematic plastic pipe” replacements,  which includes certain types of plastic pipe that was manufactured before 1983 and which have been found to become brittle under certain conditions.

Peoples Gas, Florida’s largest natural gas distribution utility, serves about 370,000 customers in Florida.

For additional information, visit www.floridapsc.com.

Follow the PSC on Twitter, @floridapsc.

Share this article! Share on FacebookShare on Twitter

Filed Under: Soup Du Jour Tagged With: Florida PSC, Peoples Gas System, public service commission, Settlement Agreement

Primary Sidebar

    Submit News    

Florida House Democrats Respond to Permitless Carry Proposal

TALLAHASSEE, Fla. – Immediately following the Speaker’s press conference, announcing the expansion of … [Read More...] about Florida House Democrats Respond to Permitless Carry Proposal

Florida Supreme Court to Hear Challenge to 15-Week Abortion Ban, Which Remains in Effect

TALLAHASSEE, Fla. — The Florida Supreme Court accepted a request by abortion providers today to hear arguments … [Read More...] about Florida Supreme Court to Hear Challenge to 15-Week Abortion Ban, Which Remains in Effect

Supreme Court Asks For Views Of Biden Justice Department In Florida, Texas Social Media Laws

Washington – Supreme Court Justices have asked the federal government’s chief appellate lawyer, the Solicitor … [Read More...] about Supreme Court Asks For Views Of Biden Justice Department In Florida, Texas Social Media Laws

Keep in Touch

  • Email
  • Facebook
  • Twitter

Newsletter signup

Stay in the loop! Subscribe to our weekly newsletter to receive a brief recap of the week's most popular stories.

Footer

News

  • Soup Du Jour
  • People
  • Government
  • Campaign
  • Business
  • Education
  • Insights
  • Video

About Us 

  • About
  • Advertise
  • Submit News
  • Contact Us

Keep in Touch

  • Email
  • Facebook
  • Twitter

Copyright © 2021
Terms & Conditions

© Copyright 2023 Capital Soup · All Rights Reserved ·