NEW INTERIM FUEL ADJUSTMENT IN ARKANSAS
SWEPCO filed an adjustment to the Energy Cost Recovery (ECR) rate on Sept. 21 with the Arkansas Public Service Commission (APSC) to help recover higher-than-expected fuel costs during the summer months. The fuel factor for Arkansas customers increased from $0.037 to $0.064. The new rate went into effect Sept. 28 (the first billing cycle of October 2022) and will remain through March 2023.
Arkansas 2023 Formula Rate Review Filing
Southwestern Electric Power Company, Inc. ("SWEPCO") will file with the Arkansas Public Service Commission ("APSC"), on April 14, 2023, an Application for Approval of a Rate Adjustment and Evaluation Report pursuant to its Rate Schedule No. 50, Formula Rate Review Rider ("Rider FRR"). The Company will request an order approving its proposed Rider FRR Rate Adjustment by September 25, 2023. SWEPCO will request that such final order be issued by the Commission twenty (20) days prior to the effective date of the Rate Adjustment. If the Commission does not issue a final order by such date, the proposed Rate Adjustment shall become effective for bills calculated on and after October 15, 2023.
ARKANSAS BASE RATES
In June 2022, the Arkansas Public Service Commission (APSC) approved a base rate increase for SWEPCO.
The base rate increase reflects investments in reliability and resiliency improvements in the power grid and cleaner power generation, including the construction and purchase of three wind facilities at the North Central Energy Facilities (NCEF) in Oklahoma. The NCEF provides Arkansas customers 268 megawatts (MW) of SWEPCO's 809 MW.
Benefits For You
It's all about keeping the power flowing to homes and businesses across Arkansas and improving your service. The electric grid is the most complex and universally relied-on machine ever built. Technological innovation, security and resiliency are core components of this backbone that powers more than 122,000 homes and businesses in Arkansas.
We have made significant investments in renewable energy, specifically the North Central Energy Facilities (NCEF) project that includes three wind facilities. This project has environmental and economic benefits for you, saving an estimated $2 billion over the next 30 years.
The Arkansas Public Service Commission (APSC) approved the project in May 2020. The first wind facility began commercial operation in 2021 with the last and largest facility beginning operation in March 2022.
In February 2022, SWEPCO announced plans to add 72.5 MW of solar energy by 2024 through a power purchase agreement (PPA) with the development of the Rocking R Solar Facility. The project is subject to regulatory approval by the APSC.
In May 2022, SWEPCO announced plans to add 999 MW of wind and solar energy by the end of 2025 with the development and subsequent purchase of three facilities in Louisiana, Texas and Oklahoma. The project is subject to regulatory approvals.
SWEPCO issued two Request for Proposals (RFPs) in September 2022 of up to 2,400 MW of additional wind and solar energy through purchase-power agreements. All projects are subject to regulatory approvals.
The addition of wind and solar energy will help lower our overall fuel costs for power generation, resulting in savings in the fuel portion of your bills. The fuel savings help to offset the cost of the new facilities, resulting in long-term savings to customers.