Jun 19, 2014 7:39 AM by AP
Cleco Power customers will see a reduction in their bills and get a refund under a rate plan approved by the Louisiana Public Service Commission.
Cleco is based in Pineville.
The Advocate reports the approval extends Cleco Power's formula rate plan for four years, reducing its base rates for customers by $34 million. That's equal to an annual decrease of $84 for an average residential customer's bill.
The one-time refund totals $22 million, or $46 for an average residential customer. Cleco said Wednesday the refund will be included on September bills.
Cleco said the plan also includes a rate of return and mechanism to fund future growth transactions for the utility.
Cleco Power serves about 284,000 customers in Louisiana.