Kansas Gas Service Seeks Rate Change
15 Mai 2006 - 11:05PM
PR Newswire (US)
OVERLAND PARK, Kan., May 15 /PRNewswire-FirstCall/ -- Kansas Gas
Service Company, a division of ONEOK, Inc. (NYSE:OKE), announced
today that it has filed a request with the Kansas Corporation
Commission to increase its annual revenues by $73.3 million. Since
its last rate case in 2003, the company has invested approximately
$170 million in its natural gas distribution system to provide
service for 642,000 Kansas customers. "In addition to the
investments we've made to improve our natural gas distribution
system, we have also incurred significant increases in costs
associated with employee medical and pension benefits and property
taxes," said Brad Dixon, president of Kansas Gas Service. The
company's filing also proposes a new residential rate structure,
which provides two "customer-choice" options for customers wanting
to manage their natural gas bills. Customers who typically consume
larger amounts of natural gas would have the option of choosing a
rate plan with a higher monthly service charge, but with a lower
per-unit delivery charge. Customers whose natural gas usage is
lower could choose a lower monthly service charge, but with a
higher per-unit delivery charge. Kansas Gas Service will assist
customers in determining which rate plan is the most appropriate,
based on their historical consumption and usage patterns. "We
believe this rate filing provides value for Kansas Gas Service and
its customers," said Dixon. "Customers want the ability to manage
their natural gas utility costs, and we need the ability to earn a
fair return on the investments we've made to provide our customers
with responsive, safe and reliable service." As part of its filing
for additional revenues to recover its costs and investments, the
company is seeking an 8.87 percent return on its rate base and an
11.25 percent return on equity. This is the company's first request
in three years for a rate increase. If approved, an average
residential customer's bill would increase by approximately $7.65
per month. The Kansas Corporation Commission has 240 days to issue
a ruling on Kansas Gas Service's application. A copy of the filing
is available on the company's Web site. Kansas Gas Service provides
clean, reliable natural gas to more than 642,000 customers in 341
communities in Kansas. It is a division of ONEOK, Inc. (NYSE:OKE),
a diversified energy company. ONEOK is the general partner and owns
45.7 percent of Northern Border Partners, L.P. (NYSE:NBP), one of
the largest publicly traded limited partnerships, which is a leader
in the gathering, processing, storage and transportation of natural
gas in the U.S. and owns one of the nation's premier natural gas
liquids (NGL) systems, connecting much of the natural gas and NGL
supply in the mid-continent with key market centers. ONEOK is among
the largest natural gas distributors in the United States, serving
more than 2 million customers in Oklahoma, Kansas and Texas. Its
energy services operation focuses primarily on marketing natural
gas and related services throughout the U.S. ONEOK is a Fortune 500
company. For information about ONEOK, Inc. visit the Web site:
http://www.oneok.com/ . Some of the statements contained and
incorporated in this press release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. The forward-looking statements relate to: anticipated
financial performance; management's plans and objectives for future
operations; business prospects; outcome of regulatory and legal
proceedings; market conditions and other matters. The Private
Securities Litigation Reform Act of 1995 provides a safe harbor for
forward-looking statements in certain circumstances. Analyst
Contact: Dan Harrison 918-588-7950 Media Contact: Al Walker
913-319-8702 DATASOURCE: Kansas Gas Service Company CONTACT:
analysts, Dan Harrison, +1-918-588-7950, or media, Al Walker,
+1-913-319-8702, both of ONEOK, Inc. Web site:
http://www.oneok.com/
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