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PSC Approves Northern States Power–Wisconsin Rate Increases, Holds ROE at 9.8%
Summary
The Public Service Commission approved NSPW’s rate changes for 2026–27 (docket 4220-UR-127) after adopting multiple contested and uncontested adjustments in a lengthy decision-matrix process; commissioners kept the authorized ROE at 9.8 percent, set regulatory equity near 52.47 percent and maintained the current earnings-sharing mechanism.
The Public Service Commission approved Northern States Power Company–Wisconsin’s proposal to adjust electric and natural gas rates for test years 2026 and 2027 after a multihour decision-matrix review of contested and uncontested items (docket 4220-UR-127). The commission adopted a package of staff audit adjustments and selective add-backs that reduced the applicant’s initial requested increases.
What changed from the filing: NSPW originally requested an approximate electric revenue increase of $93 million in 2026 (about 12% over current rates) and $151 million in 2027 (about 19% over current rates). Following the commission’s decisions, the recalculated electric increase cited by commissioners was approximately 8.8% for 2026 and about 16% cumulative by 2027. Natural-gas increases were reduced to about 11.6% (2026) and 13.57% (2027) in the commission’s recalculation.
Key contested outcomes and rationale: - Board of directors’ expenses: The commission allowed 50% of board-member expenses in the revenue requirement, saying some costs primarily benefit shareholders while others are indirect and…
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