The Arkansas Public Service Commission approved the base rate increases. The first change will result in an increase of about $3.84 a month, or 5.15%, overall for a residential customer using 1,000 kilowatt-hours. The increase should show up on December bills.
The second increase, about $3.17, will go into effect after the completion of a 508-megawatt, natural gas-fueled power plant in Shreveport, Louisiana. The $368 million project is expected to be completed next summer.
"During these challenging economic times, all parties worked to achieve a reasonable compromise which we believe will serve the company and our customers well," said Paul Chodak, SWEPCO President and Chief Operating Officer.
