LANSING – The Public Service Commission on Thursday approved a settlement agreement authorizing The Detroit Edison Company to refund $9.3 million to customers, or a credit of just shy of $2 for residential customers using 500 kilowatt-hours of electricity per month.
Customers should see the credit in April, the PSC said, but the commission also authorized the company to increase the bond principal and interest securitization surcharge, meaning those same customers will see an increase of 34 cents on their monthly bill beginning in March.
The surcharge was approved to increase from 4.28 mills per kilowatt-hour to 4.37 mills per kilowatt-hour, and the tax surcharge is increasing from 2.55 mills per kilowatt-hour to 3.14 mills per kilowatt-hour, the PSC said.
The changes are effective between March 1, 2013, and February 28, 2014. They are part of the periodic true-up of the charges required to ensure that the amounts collected are sufficient to service the securitization bonds and to recover the associated tax liability, the commission said.
This story was provided by Gongwer News Service. To subscribe, click on Gongwer.Com
