Two of Mississippi's major electric utilities are charging customers excessive interest rates as part of the state's fuel adjustment policy and a public hearing is set for Nov. 6 to investigate the practice, regulators say.
The state Public Service Commission is scheduled to vote on a rate hike for Alabama Power Co. that would boost rates by 8.2 percent for homes and apartments, 9 percent for commercial customers and 14 percent for industries.
Alabama Power's electric rates will increase twice in the next three months, resulting in bills for the average home or apartment customer to increase more than 13 percent, except for some of the state's poorest households.
Fuel, commodity and material rates are “expected to rise” in this extraordinarily challenging time for the electric industry, said David Ratcliffe, chairman and CEO of Southern Company.