Puget Sound Energy filed a request with state regulators today to lower electric bills by passing through a higher amount of the federal energy exchange credit for residential and small farm customers.
If the request is approved by the state’s Utilities and Transportation Commission, PSE residential customers using an average of 1,000 kWh of electricity a month can expect a nearly 6 percent reduction in their monthly bills for one year, from June 2014 through May 2015. That’s a drop of $5.89, which would take the average monthly statement from about $99 down to roughly $93.
The increased credit — made under an agreement between the Bonneville Power Administration (BPA) and PSE — passes through a nearly $63 million payment for PSE customers from the federal Columbia River benefits supplied by BPA.
The payment trues up the full amount owed to PSE customers of the residential and farm exchange benefits established under the 2008 Residential Exchange Interim Relief and Standstill Agreements.
BPA has provided the residential exchange credit since 1981 to customers of investor-owned utilities under the Northwest Power Act of 1980, which requires the sharing of federal power benefits with all residential and small farm customers in the region.