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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 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- 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 , 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, 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 . 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, and the of New Orleans are also facing litigation over Grand Gulf’s services. The regulators for those service 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 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

Mississippi sees 5th largest increase in fatal crashes: study

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www.wjtv.com – Garret Grove – 2024-11-02 12:25:00

SUMMARY: A recent study highlights a troubling rise in road fatalities in Mississippi, with a nearly 31% increase in fatal accidents from 2012 to 2021, ranking it fifth highest in the country. The reported a spike during the 2024 Labor Day , responding to seven fatal crashes resulting in 15 deaths, to only three crashes and six deaths in 2021. Additionally, a 2023 showed Mississippi had the highest per capita fatal crashes during the Christmas period. Young drivers are particularly affected, as Mississippi ranks fifth for teenage driving fatalities nationwide.

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Mississippi News

Vicksburg man charged with assaulting woman in domestic dispute

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www.wjtv.com – Kaitlin Howell – 2024-11-02 11:33:00

SUMMARY: In Vicksburg, Mississippi, a domestic assault led to the hospitalization of a man and woman on November 2. were alerted by Merit Region after a 28-year-old man, Daron Evans, arrived with a stab wound. Authorities dispatched to the scene found the woman, who had also been assaulted. After receiving treatment, Evans was and charged with aggravated assault domestic violence; he is held without bond until his court appearance. The woman is in stable at the of Mississippi Medical Center. An investigation is ongoing.

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Mississippi News

Cloudy and humid weekend – Home – WCBI TV

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www.wcbi.com – Sadie Morris – 2024-11-02 10:13:00

SUMMARY: In Columbus, Mississippi, humid and cloudy weather is expected, with temperatures remaining above average in the lower 80s for the upcoming . Rain is forecasted for Election Day on Tuesday, continuing into the week with isolated showers likely. This Saturday will see patchy fog in the morning, clearing by midday, with a high around 80 degrees. Sunday will bring similar humidity, with a high in the lower 80s and mild overnight lows in the mid-60s. Throughout the week, expect persistent clouds and humidity alongside mild temperatures.

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