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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

Attorneys file motion to delay Jackson bribery trial

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www.wjtv.com – Kaitlin Howell – 2024-11-21 16:41:00

SUMMARY: In connection with the Jackson bribery scandal, attorneys for federal officials and local leaders filed a motion to postpone the trial to allow time for extensive evidence review, including hours of recordings and thousands of pages of documents. Key figures charged include Hinds County DA Jody Owens, Jackson Mayor Chokwe A. Lumumba, and Councilman Aaron Banks, each facing multiple counts of conspiracy related to bribery and fraud. The scandal involves alleged bribes amounting to over $80,000 related to a downtown development project, facilitated by individuals posing as real estate developers working with the FBI.

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Family of Dexter Wade rallies outside JPD nearly two years after his death

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www.wjtv.com – Tia McKenzie – 2024-11-20 14:20:00

SUMMARY: Nearly two years after Dexter Wade’s death, his family continues seeking justice. On November 20, Dexter Wade Day was observed in Jackson, declared by Councilman Kenneth Stokes. Wade, hit by a Jackson police cruiser in March 2023, was later found in a pauper’s grave in Hinds County, and his mother, Bettersten Wade, was unaware of his death until August 2023. She believes his death was covered up. No arrests have been made, and authorities consider it an accident. Jackson Police Chief Joseph Wade expressed condolences and shared updates on new policies to prevent similar tragedies.

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Man shot while helping with stalled vehicle in Jackson

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www.wjtv.com – Kaitlin Howell – 2024-11-20 19:08:00

SUMMARY: A man was shot in Jackson, Mississippi, while attempting to assist a person with a stalled vehicle on State Street at Beasley Road around 4:00 p.m. on November 20. Detective Tommie Brown reported that the victim was working on the vehicle when the suspect approached, questioned him, and then opened fire. The assailant fled the scene in a vehicle. Fortunately, the victim sustained non-life-threatening injuries and was taken to a local hospital. The Jackson Police Department is seeking information about the incident and encourages anyone with details to contact them or Crime Stoppers.

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