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PSC announces $300 million settlement with Entergy

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Alleging Entergy ‘over-profited’ from Grand Gulf, PSC announces $300 million settlement

The Mississippi Public Service Commission announced a $300 million settlement on Thursday with Entergy Mississippi over profits the company received in running the Grand Gulf Nuclear Power Station in Port Gibson.

The settlement, the largest in the PSC’s history, ends Mississippi’s involvement in a multi-state dispute with Entergy. As part of the agreement, $200 million of the settlement will go towards offsetting rising natural gas costs for customers, $35 million will go towards direct payments or bill credits to Mississippi ratepayers, and the remaining $65 million will go towards savings for future mitigation costs.

The $35 million in direct rebates from the settlement will be divvied up and amount to about $80 per Entergy Mississippi customer. Customers can choose to use that money as a credit towards their electric bill or get the amount in a check.

The PSC said in its press release that without the $200 million for offsetting rising natural gas costs, Mississippians would have seen an extra $15 on their electric bills starting in 2023.

The PSC first brought the dispute to the Federal Energy Regulatory Commission (FERC) in 2017 over “certain accounting and financing aspects” of the nuclear plant, the PSC said in a release.

When a utility company, in this case Entergy, builds or operates a power plant, the company gets a return on investment for those costs, agreed to by the regulatory body. Because the power from Grand Gulf is sold wholesale, FERC regulates the prices that the energy is sold for.

The PSC alleged to FERC, which ruled on the settlement, that Entergy’s return on investment was higher than what FERC originally allowed. As a result, Entergy made more than it should have from charges that were passed onto customers, Northern District Commissioner Brandon Presley explained.

“Their return on equity was more than what it should have been,” he said. “That’s agreed to by the FERC. We were arguing that profitability was inflated and actually should have been less of a cost and translating to lower rates for Mississippians.”

Separately, Entergy’s other subsidiaries in Arkansas, Louisiana and the city of New Orleans are also facing litigation over Grand Gulf’s services. The regulators for those service areas are alleging that the station doesn’t run as effectively as other nuclear plants and charges customers for the plant to run even when it isn’t producing power, among other complaints.

Those three other regulators are also challenging the Mississippi PSC’s decision to increase output from the Grand Gulf station years ago, Presley said.

Mississippi Public Service Commissioners Brandon Presley, Dane Maxwell and Brent Bailey announcing a $300 million settlement with Entergy Mississippi on July 23, 2022.

“That plant provides some of the lowest cost electricity that Mississippi is getting, with zero carbon emissions,” Presley said.

In addition to the $300 million, the settlement also puts a moratorium on Entergy’s future return on investment for the power station, Presley added.

In a statement Thursday, Entergy said that the “taxing, financing, accounting and operating of Grand Gulf before FERC are proper, well-reasoned and in the best interest of its customers and the company.

“However, Entergy officials explained that the ongoing cost of the dispute at FERC and the uncertainty it created for customers, employees and stockholders led the company to seek a resolution,” the utility provider said.

This article first appeared on Mississippi Today and is republished here under a Creative Commons license.

Mississippi News

Events happening this weekend in Mississippi: December 20-22

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www.wjtv.com – Kaitlin Howell – 2024-12-20 12:03:00

SUMMARY: This weekend (December 20-22), Mississippi offers a variety of festive events. In Jackson, enjoy Food Truck Friday, candlelight concerts, a Grinch movie screening, and Journey to the North Pole. In Ridgeland, experience Merry Bingo, Christmas on the Green, and Fleet Feet Coffee Run. Vicksburg hosts Rock the Halls, while Natchez offers a European Christmas Shopping Village. Other activities include Santa scuba diving at the Mississippi Museum of Natural Science, Million Dollar Quartet Christmas, and Magic of Lights in Brandon. Hattiesburg features Lights of the Wild and Teddy Bear Tea with Santa. Numerous holiday events are available across the state.

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Mississippi News

Attorneys seek protective order in Jackson bribery case

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www.wjtv.com – Kaitlin Howell – 2024-12-19 14:36:00

SUMMARY: Prosecutors in Jackson are seeking a protective order to prevent the release of sensitive information in a bribery case involving Hinds County District Attorney Jody Owens, Jackson Mayor Chokwe A. Lumumba, and City Councilman Aaron Banks. The motion aims to protect personal, financial, and grand jury information, fearing it could impair investigations and fair trial rights. The three officials face charges related to a bribery scheme involving $80,000 in bribes for approving a real estate development project. Other individuals, including former City Councilwoman Angelique Lee and Sherik Marve Smith, are also implicated, with Smith pleading guilty to conspiracy.

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Suspect in the killing of UnitedHealthcare’s CEO struggles, shouts while entering courthouse

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www.wjtv.com – MICHAEL R. SISAK and MARK SCOLFORO, Associated Press – 2024-12-10 14:27:00

SUMMARY: Luigi Nicholas Mangione, a 26-year-old Ivy League graduate, was arrested in Pennsylvania and charged with the murder of Brian Thompson, CEO of UnitedHealthcare. Mangione, who expressed disdain for corporate greed and the health insurance industry, was found with a gun matching the murder weapon and fraudulent IDs. He initially gave false identification but was recognized at a McDonald’s. Mangione, who wrote a three-page document expressing anti-corporate sentiments, is being extradited to New York. His family, shocked by his arrest, expressed condolences to Thompson’s family. Mangione had no prior criminal complaints but had a history of severe back pain.

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