Arkansas Attorney General Leslie Rutledge announced Thursday (Sept. 23) that CenterPoint Energy will refund $10.4 million in credits to its customers due to excessive charges. Rutledge said the Arkansas Public Service Commission granted the request.
Rutledge said it is the second consecutive year that CenterPoint has been required to provide credits to customers due to excessive charges under the company’s formula rate plan, which has a 4% annual limit.
“CenterPoint must credit money to customers after excessive charges were collected under the formula rate plan,” Rutledge said.
“These credits will be a welcomed change for CenterPoint customers including our most vulnerable citizens, especially in light of the challenges facing Arkansans due to COVID-19 and devastating winter storms,” Rutledge added.
Beginning on October 1, 2021, customers will see a credit on their bills. An average residential customer should expect approximately $1.81 in credit per month depending upon usage.
CenterPoint Energy provided this statement to Talk Business & Politics:
“The Public Service Commission reviews the annual Formula Rate Plan and makes adjustments based on financial information filed by CenterPoint Energy. In this instance, the amount being returned to customers is directly related to lower operations and maintenance expenses accomplished by effective cost management and savings due to a merger with Vectren Corporation. The Formula Rate Plan is a mechanism that helps us return savings to customers in a timely manner. CenterPoint Energy is proud to provide safe, reliable service and the new rates as ordered by the Commission will begin with bills starting October 1st.”