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Citizens Energy Group Receives Rate Increase for Steam Utility

5/23/2014
 

INDIANAPOLIS – Citizens Energy Group received approval from the Indiana Utility Regulatory Commission (IURC) to increase revenues about $7.5 million or 11 percent for its steam distribution utility serving downtown Indianapolis.

Citizens will use the revenue to ensure the financial stability of the steam utility and to recover debt service on new bonds. The new bonds will allow Citizens to complete the conversion of the Perry K Steam Plant from coal to clean-burning natural gas, pay off an existing line of credit and finance a necessary system expansion.

“This rate adjustment will enhance our ability to meet the energy needs of our customers for years to come, while also improving the environment,” said Mike Strohl, Senior Vice President, Customer Relationships & Corporate Affairs. “The conversion of Perry K from coal to natural gas will allow us to meet new federal air emissions standards and to save nearly $20 million in capital and operating costs.”

Citizens’ steam distribution system is the second largest in the U.S. serving more than 250 commercial, industrial and institutional customers in the downtown area.  Lucas Oil Stadium, IU Health, IUPUI, and the Indiana Statehouse are among the facilities served by the steam system.


About Citizens Energy Group

Citizens Energy Group provides safe and reliable utility services to about 800,000 people in the Indianapolis area. Citizens operates its utilities only for the benefit of customers and the community. Additional information is available online at Facebook - Twitter - LinkedIn - YouTube

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