Mississippi Power expects to ask for rehearing on ratepayer refund

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Mississippi Power Co. said Friday it expects to file for a rehearing by the state Supreme Court after the court Thursday ordered the rate increase paid by customers over the last two years be refunded.

BY MARY PEREZ

meperez@sunherald.com Twitter: MaryPerezSHFebruary 13, 2015 Updated 10 hours ago

Mississippi Power Co. said Friday it expects to file for a rehearing by the state Supreme Court after the court Thursday ordered the rate increase paid by customers over the last two years be refunded.

In an 8-K filing with the Securities and Exchange Commission on Friday, the company said it continues to analyze the court opinion.

“The ultimate outcome of these matters cannot be determined at this time,” the company said.

The Mississippi Public Service Commission approved a retail rate increase of 15 percent effective March 19, 2013, and an additional 3 percent Jan. 1, 2014.

On a $100 monthly power bill, that was a rate increase of $15 a month from March 19 through Dec. 31, 2013, and increased to $18-a-month for all of 2014 and the beginning of 2015.

Mississippi Power said it had collected about $257 million through Dec. 31 under the rate increases. About $32 million, or $20 million after tax, was recognized in income.

“Any required refunds would also include carrying costs,” the filing said.

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