August 21, 2007

The Michigan Public Service Commission (MPSC) today approved a settlement agreement authorizing Michigan Consolidated Gas Company's 2007-2008 gas cost recovery (GCR) factor. In the settlement, the utility also agreed not to seek a rate increase in exchange for being authorized to sell excess natural gas from one of its storage fields.

"Ratepayers greatly benefit from this settlement agreement," noted MPSC Commissioner Monica Martinez. "Michigan Consolidated will postpone its planned request for a rate increase until at least January 2009, and customers will benefit from the sale of excess natural gas in storage."

In today's order, the MPSC authorized Michigan Consolidated Gas Company to implement a base cost recovery factor of $8.49 per thousand cubic feet.

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

Case Nos. U-14800, U-15042