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Tuesday, September 14, 2010

AGL proposes ridiculous rate-hike package

Lemme get this straight: Atlanta Gas Light, which over the years has reportedly merged with other companies to create "efficiencies" yet never passed those savings on to the customer, is asking the Public Service Commission for the OK to hike customers' bills to the tune of $54 million.

In addition, the company wants ratepayers — some of whom don't even own stock in the utility — to pay for executive's bonuses if its stock performs well. One way that could happen is by successfully raising rates. OK, just checking.

From the AJC:

The company wants to keep charging customers for non-existent costs, a request that accounts for $14.5 million — or 27 percent — of AGL’s rate hike request.

Commission staff experts also criticized AGL for including $3.2 million in executive performance bonuses in its request to raise costs.

The company is asking that ratepayers pay for bonuses pegged to its parent company’s stock performance. It would require customers to fund a reward based on management’s success in raising their rates, PSC staff said.

The PSC's regulatory staff, the AJC reports, thinks AGL should cut its rates, not hike them. Read the whole thing.

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