MADISON, WI (AP) — Refunds are in store for customers of Wisconsin’s four largest for-profit utilities.
Ratepayers are due more than $25 million because of low energy prices in 2018.
The Public Service Commission sets rates one to two years in advance based on fixed expenses and an estimate cost of fuel. And, when the projections are more than 2% of the actual costs, utilities must refund the difference, with interest.
The State Journal says Madison Gas & Electric customers should see the largest refunds of about $20 for most households.
The utility collected about $9.5 million more than its actual costs. Utility spokesman Steve Schultz says the savings resulted from lower gas prices and the acquisition of a portion of the Forward Energy wind farm.
The other utilities are Alliant, WPS and Xcel.
Xcel officials say all of their customers in the state will be receiving a bill credit.
According to company officials, the credit will be based on their usage for the month of September, which is when the first refund will be credited.
According to Xcel, the refund will be credited over two billing cycles.
Officials say the typical residential customer using 650 kilowatt hours in September can expect a total credit of about five dollars.
The Associated Press contributed to this story.