Summit Utilities’ residential customers in Arkansas are set to experience a monthly rate hike of more than $15, following the company’s request for a $105 million increase, which equates 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 rate hike will go into effect on November 25.
Summit originally filed the request in January, seeking an even higher monthly increase of $18.48. The rate adjustments are part of regulatory requirements following Summit’s acquisition of CenterPoint Energy’s Arkansas assets. The company stated that nearly 82% of the requested increase aims to address the regulatory lag between the establishment of interim rates and the determination of its actual cost of service.
The proposed settlement, now awaiting final approval, marks a significant financial impact for Arkansas customers as Summit adjusts rates to align with operational and regulatory requirements.
