The Michigan Public Service Commission (MPSC) today approved two settlement agreements that reconcile the 2007 power supply costs for two electric cooperatives.  It also approved a rate increase for Homeworks Tri-County Electric Cooperative.

In Case No. U-15062-R, the MPSC approved a settlement agreement that found a net under-collection of $1,874,785 for the 12-month period ended Dec. 31, 2007 for Great Lakes Energy Cooperative.  The utility included its anticipated under-collection in its 2008 power supply cost recovery (PSCR) plan.  The settlement also found that no times interest earned ratio (TIER) ratemaking adjustment was required.

The utility and the MPSC staff participated in the settlement.  Aurora Oil & Gas Corporation filed a statement of non-objection.

In Case No. U-15064-R, the MPSC approved a settlement that found a net over-recovery of $541,648 for Homeworks Tri-County Electric Cooperative, which was refunded to customers through credits applied in April 2008 and continuing through December 2008.  The settlement also found a TIER increase of $503,027.  The average residential customer will see an increase of $1.41 on their monthly bill.

The utility and the MPSC staff participated in the settlement.

The MPSC is an agency within the Department of Labor & Economic Growth.

Case Nos. U-15062-R and U-15064-R