The Maui News/MECO PR - Maui Electric Co. filed a request in June asking that the state Public Utilities Commission reconsider its May 31 decision to lower the utility's profit level from 10 percent to 9 percent and to refund its customers a total of more than $8 million.
The commission approved a final rate increase of 1.3 percent in annual revenues, or $5.3 million. However, since June 2012, MECO has been charging an interim rate increase of 3.2 percent, or about $13.1 million in annual revenues.
The commission ordered the utility to pay back the difference--about $8.1 million with interest--to its 68,000 Maui County customers.
On Monday, June 17, MECO submitted its plan to PUC to refund $7.8 million on an annualized basis (plus interest) to electric customers on Maui, Lana'i, and Molokai.