Two of Wisconsin’s largest utilities have reached a deal to recover half a billion dollars from customers through higher rates next year due largely to rising inflation, natural gas prices and costs tied to their clean energy transition.

We Energies and Wisconsin Public Service filed the proposed settlement Monday with the Wisconsin Public Service Commission. The utilities reached the deal with ratepayer and renewable advocacy groups, labor unions and businesses intervening in utilities’ requests to increase rates next year.

Under the settlement, the utilities would recover more than $507 million in expenses next year. We Energies would refinance $100 million of roughly $500 million that’s yet to be paid off from investments in pollution controls at the Oak Creek power plant. The deal also writes off customer late fees from the COVID-19 pandemic, reduces fixed monthly charges for ratepayers and extends a low-income forgiveness program.

Click here to read the full article.