Edison Cuts Requested Rate Increase by $546 Million
Southern California Edison, which had previously requested a $696-million rate increase to cover fuel costs, slashed its request to $150 million Wednesday, citing the sharply lower prices that it now pays for natural gas to generate electricity.
The Rosemead-based utility said a new agreement with its gas supplier will significantly reduce its fuel costs.
Were the Public Utilities Commission to grant the full $150 million now being sought, residential rates would increase by 3%, or about $1.15 a month, based on 500 kilowatt hours of power, Edison said. Under the original request, the rates would have increased by 13.9%, or $5.58.
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