Nicor’s record-breaking $230M hike
In November, just months after receiving a $93.5 million delivery increase, Nicor Gas was back at the ICC, asking for a $230 million rate hike. “This is the largest natural gas rate-hike request CUB has seen in 35 years of fighting for Illinois consumers, and it’s fueled by a massive profit rate for shareholders of 10.6 percent,” Kolata said.
The utility, whose parent company raked in $1.95 billion in profits in just the first 9 months of 2018, wants to slam consumers in two ways—increasing the monthly customer charge by 29 percent and raising the per therm distribution charge by 60 percent. That will hit people hardest in the winter, making it more expensive to heat a home during the coldest months, including the holidays.
Nicor is asking for a greedy return on equity, or profit rate for shareholders, of 10.6 percent. The increase would impact delivery rates, charges that take up about a third to a half of gas bills and cover the costs of delivering gas to homes, plus a profit. The ICC will rule on the request just before next winter, following an 11-month rate case. CUB’s legal team will fight every penny the company can’t justify.
Sign CUB’s petition telling the ICC to reject Nicor’s rate hike.