Spurred on by inflation, rising interest rates and expanding capital spending plans, the pace of state-level rate case activity remains robust across the US.
There were 63 electric and 52 gas rate cases, as well as one steam rate proceeding, pending in 37 states and the District of Columbia as of Sept. 28. Continuing the recent dramatic rise in the level of requested rate increases across the country, the rate increases sought in these proceedings aggregate to $23.7 billion, excluding the later-year steps of multiyear rate requests.
The returns on equity (ROE) requested in the pending electric, gas and steam rate cases range from 9.30% to 12.95%, averaging 10.32% in the vertically integrated electric rate cases, 10.40% in the electric distribution rate cases, 9.63% in the electric limited-issue rate proceedings where an ROE is specified, 10.32% for gas base rate cases and 9.68% in the gas limited-issue rate proceedings where an ROE is specified.
Over the last several weeks, Regulatory Research Associates surveyed large electric and gas companies and state utility commissions concerning pending rate cases. An overview of key trends and statistics observed in the pending proceedings is provided below. The related spreadsheet provides a tabular listing of state-level, company-specific rate cases that were pending for companies included in RRA's coverage universe as of Sept. 28. Detailed profiles of these cases can be found on RRA's Pending Rate Cases page. In addition, the related spreadsheet contains a tabular listing of the next major event in each pending major rate case, for which an agenda was available, as listed on the RRA Events page.
For additional regulatory insights regarding pending rate cases nationwide, refer to the full report and related spreadsheet.
Regulatory Research Associates is a group within S&P Global Commodity Insights.
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For a complete, searchable listing of RRA's in-depth research and analysis, please go to the S&P Capital IQ Pro Energy Research Library.
For a full listing of past and pending rate cases, rate case statistics and upcoming events, visit the S&P Capital IQ Pro Energy Research Home Page.
This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.