On Wednesday, the Alabama Public Service Commission announced its approval of a rate and revenue reduction for Spire Alabama and its customers.
The vote will lower Spire Alabama's rate of return that it is allowed to earn. Its return range since 2013, was reduced 30 basis points from 10.45% - 10.95% to 10.15% - 10.65%. This reduction of allowed earnings will result in around $5.9 million annual savings for customers, according to the Public Service Commission. This is roughly $26 in yearly savings per customer during the 4-year agreement.
The agreement also allows for a new mechanism to replace the previous cast iron pipe in Spire Alabmama's system.
“The accelerated removal of aging cast iron pipe is a public safety issue that we are seeing across the country," said Commissioner Jeremy Oden.
- Rate and revenue reduction for Spire Alabama and its customers
- Alabama's jobless rate unchanged
- Alabama pastor charged with child sex crimes wants bond reduction
- Spire atop Notre Dame cathedral in Paris collapses in fire
- Alabama unemployment rates rise slightly
- Alabama jobless rate drops to 3.6 percent
- Alabama jobless rate steady at 3.5 percent
- Alabama jobless rate drops to 3.7 percent
- Alabama jobless rate unchanged at 3.8 percent
- Alabama unemployment rate dips to 3.9 percent