Felman offers different rate plan
Felman Production on Tuesday offered state regulators an alternative proposal for a special power rate at its New Haven plant.
The new proposal was a company response to criticisms that its initial plan, which would ease the company's power bill by shifting some costs on to other ratepayers, allowed it to reap profits with power customers absorbing costs.
Chief Financial Officer Barry Nuss testified Monday before the state Public Service Commission that the company was willing to revise its proposal.
The revised plan eliminates a guaranteed return on investment provision for Felman shareholders that was in the original proposal. It also does not allow Felman to carry over available power discounts from one year to the next.
The new plan would also require the company to pay at least $500,000 in Appalachian Power's fixed costs to provide service each year. Analysts for the various consumer and industry groups participating in the case were still reviewing the proposal Tuesday afternoon. Felman planned to present additional testimony further detailing the plan Wednesday morning.