State regulators Tuesday approved electric and gas price increases for Puget Sound Energy customers that will raise the average electric bill by $3.24 monthly and the average natural gas bill by $1.28 a month.
The rate increases will take effect Monday. The rate changes are part of a multi-year rate increase plan that allows the Bellevue-based PSE to raise rates by a maximum of 3 percent of its annual revenues.
PSE will be allowed to increase residential electric customers’ rates by 3.34 percent this year while natural gas rates will change by 1.55 percent.
The approved rate increases will yield PSE an additional $52.3 million for electricity and $9.1 million for natural gas.
The increases approved by Washington Utilities and Transportation Commission are below those the utility has typically received in prior years. The commission said the multi-year rate increase approval will provide the company an incentive to cut costs.
The commission received 215 public comments on PSE’s rate-increase proposal – 201 opposed, 3 in favor and 11 undecided.
Puget Sound Energy serves 1.1 million electric customers and 760,000 natural gas customers in parts of Snohomish, King, Pierce, Lewis, Thurston and Kittitas counties.