Clean energy and reliability investments part of WPS rate plan

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Mar 28, 2019, 16:00 ET

GREEN BAY, Wis., March 28, 2019 /PRNewswire/ -- Wisconsin Public Service (WPS) filed proposals with the Public Service Commission of Wisconsin (PSCW) today for regulatory reviews that will set customer rates for electricity and natural gas for the years 2020 and 2021.

The proposal includes investments in two solar facilities, Badger Hollow and Two Creeks that will create 200 megawatts of clean energy. It also includes the ongoing modernizing of its electric distribution system by burying or upgrading 2,000 miles of electric distribution lines. Those upgrades reduce outages and bolster reliability when storms strike.

The plan WPS submitted for consideration would increase the typical monthly residential electric bill by approximately 4.9% in 2020 and an additional 4.9% in 2021.

WPS natural gas customers will also see a small increase in their monthly bills in 2020 and an additional small increase in 2021.

Even with the increases, WPS average bills would remain well below the state and national average.

"Nothing is more important to us than providing safe and reliable energy to our customers," said Tom Metcalfe, president - WPS. "These investments in reliability and clean energy mean a brighter future for today's customers and generations to come."

Rate Summary
WPS is proposing to the PSCW to use $40 million in savings from federal tax reform to partially offset the revenue request. With the tax law savings applied, the request would raise retail electric revenues by 4.9 percent in 2020 and an additional 4.9 percent in 2021.

Next steps
On or before May 1, WPS will update the filing to include more specific information on the rate impact for each customer group. The company also will provide this information to customers through a bill insert and on wisconpublicservice.com

The PSCW will conduct proceedings on the WPS proposals and is expected to make a final decision later this year. New rates are expected to take effect in January 2020.

Forward-looking statements

Certain information contained in this press release is forward-looking information based upon management's current expectations and projections that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning future regulatory action and rate implementation. Also, forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology such as "anticipates," "believes," "could," "estimates," expects," "forecasts," "goals," "guidance," "intends," "may," "objectives," "plans," "possible," "potential," "projects," "seeks," "should," "targets," "will" or similar terms or variations of these terms. Readers are cautioned not to place undue reliance on this forward-looking information. Forward-looking information is not a guarantee of future performance and actual results may differ materially from those set forth in the forward-looking statements.

In addition to the assumptions and other factors referred to in connection with the forward-looking information, factors that could cause WEC Energy Group's actual results to differ materially from those contemplated in any forward-looking information or otherwise affect the company's future results include, among others, the following: timing, resolution and impact of rate cases and negotiations, including recovery of deferred and current costs and the ability to earn a reasonable return on investment, and other regulatory decisions; political developments; energy conservation efforts; continued adoption of distributed generation by customers; the remaining uncertainty surrounding the tax legislation enacted in December 2017; federal and state legislative and regulatory changes relating to the environment, including climate change and other environmental regulations impacting generation facilities and renewable energy standards, the enforcement of these laws and regulations, changes in the interpretation of regulations or permit conditions by regulatory agencies, and the recovery of associated remediation and compliance costs; current and future litigation and regulatory investigations; and other factors described under the heading "Factors Affecting Results, Liquidity, and Capital Resources" in Management's Discussion and Analysis of Financial Condition and Results of Operations and under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" contained in WEC Energy Group's Form 10-K for the year ended December 31, 2018 and in subsequent reports filed with the Securities and Exchange Commission. WEC Energy Group expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Wisconsin Public Service