For Release: 09/11/2008
Today, Minnesota Energy Resources, a subsidiary of Integrys Energy Group, Inc. (NYSE: TEG), received verbal approval to begin charging new interim natural gas rates effective October 1, 2008. The interim rates will be in effect while the Minnesota Public Utilities Commission considers the amount it will grant for permanent new rates, likely to be effective in early 2009.
If the written Commission order reflects the verbal approval, the interim rates will result in an overall increase of 5.74% above current rates for Minnesota Energy Resources residential customers. Since those customers are served from different pipelines, they will have slightly different rates. The new rates will result in monthly increases for typical residential natural gas customers in a range of $3.92 to $5.80.
The commodity cost of natural gas is not affected by this request. Under the oversight of the Minnesota Public Utilities Commission, Minnesota Energy Resources charges customers the same price its pays for the natural gas commodity.