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Kansas Corporation Commission Approves New Rates for The Empire District Electric Company

^{Published on 2010-06-25 14:51:22 - Market Wire}
 

JOPLIN, MO--(Marketwire - June 25, 2010) - The Empire District Electric Company (NYSE: [ EDE ]) announced today that the Kansas Corporation Commission (KCC) has approved the Stipulation and Agreement for changes in rates for its Kansas electric customers. The Agreement was filed May 4, 2010 by Empire, the KCC Staff, CURB (Citizens' Utility Ratepayer Board), and other intervening parties.

The new rates will become effective July 1, 2010, and allow Empire to increase annual revenues by $2.79 million, or about 12.4 percent. For a residential customer using 1,000 kilowatt hours per month, this represents a monthly increase of about $12.00.

Since the last rate adjustment for Kansas customers in January 2006, Empire has completed environmental upgrades at Iatan I and the Asbury Power Plant and a new generating unit, Riverton Unit 12. These new rates also include the annual operating costs associated with these improvements and additions and will allow Empire to continue to provide reliable service to customers with a balanced mix of resources.

Also included in this case are the capital costs associated with the Plum Point Generating Station and Iatan II construction projects through January 2010. The remainder of the capital costs and operation and maintenance expense associated with these facilities will be recovered in an abbreviated rate case that will be filed within the next year.

Based in Joplin, Missouri, The Empire District Electric Company (NYSE: [ EDE ]) is an investor-owned, regulated utility providing electricity, natural gas (through its wholly owned subsidiary The Empire District Gas Company), and water service, with approximately 215,000 customers in Missouri, Kansas, Oklahoma, and Arkansas. A subsidiary of the company provides fiber optic services. For more information regarding Empire, visit [ www.empiredistrict.com ].

Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements address future plans, objectives, expectations, and events or conditions concerning various matters. Actual results in each case could differ materially from those currently anticipated in such statements, by reason of the factors noted in our filings with the SEC, including the most recent Form 10-K and Form 10-Q.