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ND – Customers of Montana Dakota Utilities will see a credit on their electric bills in June and July. The credit is the result of an earnings sharing agreement the Public Service Commission negotiated with MDU in a settlement reached in August of 2014.

“It’s important that we have viable utilities during these times of growth and change,” said Commissioner Brian Kalk, who holds the gas and electric distribution portfolio. “It’s equally important that ratepayers are protected and can benefit when companies have higher earnings than anticipated.”

According to the agreement, MDU is required to return 50 percent of earnings that exceed the company’s allowable return on investment. The company will refund a total of $879,018 to customers for 2014. The credits will be applied to customers’ bills in June and July. It is estimated that the average residential customer will see a credit of approximately $2.14 on their bill for each month, or a total of about $4.28.

“As late as last November, MDU didn’t expect to have earnings to share for 2014, so this is good news,” said Commission Chairman Julie Fedorchak. “It also speaks to the importance of fair revenue sharing mechanisms to protect customers from inaccurate forecasts that result in over collections.”

“The privilege of operating as a monopoly utility carries enormous responsibilities, including the responsibility to return excess earnings,” said Commissioner Randy Christmann. “I am pleased that MDU has earnings beyond projections and pleased that their success will be shared with their customers.”

For more information, contact the Public Service Commission at (701) 328-2400 or www.psc.nd.gov.