MidAmerican Energy Co. customers will receive a refund and rate reduction as the result of action by the South Dakota Public Utilities Commission at their regular meeting in Pierre on May 14. The approved settlement agreement, presented jointly by South Dakota Public Utilities Commission (SDPUC) staff and MidAmerican Energy, specifies the company will refund $3,308,988 to its South Dakota natural gas customers and $921,476 to its South Dakota electric customers.

According to a release by the SDPUC, the commission approved reductions to MidAmerican Energy’s base rates. Natural gas rates will be reduced by $1,205,376 while electric rates will see a $359,811 reduction. The settlement also includes a revision to the energy cost adjustment related to the company’s production tax credits in consideration of the reduced federal income tax rate.

To date, the commission has approved $28.8 million in refunds for South Dakota’s investor-owned electric and natural gas customers.

PUC Chairman Gary Hanson highlighted the success of the commission’s investigation into the effect of federal tax cuts. “These have been great dockets,” he stated. “We’re providing another $10 million for consumers and families in our state every year.”

Source: SDPUC