Posted: Nov 1, 2012 5:45 PM by Associated Press
Updated: Nov 1, 2012 5:46 PM
JOPLIN (AP) — State regulators have reject a southwestern Missouri electric company's request for a rate increase the utility said it needed because of expenses from the Joplin tornado.
Joplin-based Empire District Electric was seeking a refundable, interim increase of about $6.2 million, as part of a larger request to raise annual electric revenues by nearly $31 million. The interim increase would have raised electric bills about 1.5 percent for the company's 148,000 customers in 16 counties.
The Missouri Public Service Commission on Wednesday voted 3-1 against the increase.
Empire argued it spent nearly $28 million and lost many customers because of the May 2011 that devastated parts of Joplin and some neighboring communities.
But regulators concluded the company failed to show it's facing a financial emergency requiring the extra revenue.