Summit Utilities’ residential customers in Arkansas are facing a potential monthly rate increase of more than $15.
This comes after the company requested a $105 million increase, equating to nearly a 30% rise in residential rates.
The utility has reached a settlement with the Arkansas Public Service Commission, proposing an increase of $15.43 per month for residential customers. If approved by state regulators, the new rate will take effect on November 25.
Initially, Summit filed the request in January, seeking an even higher monthly increase of $18.48. These rate changes are part of regulatory requirements following Summit’s acquisition of CenterPoint Energy’s Arkansas assets.
The company explained that nearly 82% of the requested increase is intended to address the regulatory lag between the establishment of interim rates and the determination of its actual cost of service.
The proposed settlement, pending final approval, represents a significant financial impact for Arkansas customers as Summit adjusts rates to meet operational and regulatory needs.
