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Oncor Hikes Rates Yet AgainFebruary 15, 2011
Oncor (Formally TXU) filed another rate hike request with the Public Utility Commission a rate-hike. This rate hike will is quite significant, with commercial customers seeing a 15.5% jump in rates, residential customers having their costs rise by 14.6%, and streetlight rates increasing by a whopping 25.9%.
Let's not forget this is right on the heels of a rate increase by Oncor less than two years ago.
According to Oncor's Chief Operating Officer Charles Jenkins, "The proposed new rates reflect both the investments we've made and the cost controls we've put in place, including recently refinancing a portion of our debt at lower interest rates and passing those savings on to customers." Just ask a bondholder about that fiasco....
When Oncor announced just how high they were going to be raising rates, it was met with astonishment. Thomas Brocato, an Austin attorney who specializes in making cities' cases before regulatory boards, said the 16.5-percent increase was "really surprising given the very favorable outcome they had in their last case.
Cities are still fighting Oncor's previous rate hike, so this comes as a double whammy.