We Energies Residential Rates Set To Increase By Over 10%: Reports

WISCONSIN — Residential We Energies customers in greater Milwaukee can expect their electricity and gas rates to increase in the new year after a decision Thursday by the Wisconsin Public Service Commission, according to media reports.

The PSC agreed to raise the company's electric rates by 10.9 percent in the new year and gas rates by about 6.2 percent, according to a report by The Milwaukee Journal Sentinel. For electricity, that translates to an additional $11 per month, and for gas that could come out to an extra $50 per year, according to the Journal Sentinel.

In April, the energy company submitted a joint application to raise rates which cited an expectation that total costs to provide electric service in 2023 could be up by over 8 percent. The April request mentioned capital investment in the state's energy fleet alongside expiring wholesale contracts, expense increases and more as reasons behind the company's expected 2023 revenue deficiency.

Hundreds of public comments were listed in the docket ahead of Thursday's meeting.

A report by TMJ4 noted the changes could mean about $130 extra in electricity payments for homeowners, with increases around 8 percent for small businesses and around 6 percent for bigger businesses.