EMPIRE DISTRICT ELECTRIC CO FOR IMMEDIATE RELEASE
MEDIA COMMUNICATIONS Robin McAlester Communications/Media Coordinator 417-625-5180 rmcalester@empiredistrict.com | INVESTOR RELATIONS Dale Harrington Director of Investor Relations 417-625-5222 dharrington@empiredistrict.com |
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JOPLIN, MO - November 16, 2015 - The Empire District Gas Company, a wholly owned subsidiary of The Empire District Electric Company (NYSE:EDE), announced the Missouri Public Service Commission has approved Empire's request for a decrease in the Purchased Gas Adjustment (PGA) for customers in its south system.
This adjustment will result in an annual decrease of about $102, or 13.2 percent, for an average residential customer in the south system using 700 Ccf (Ccf=100 cubic feet of gas) per year in comparison with the past 12 months.
This decrease is a direct result of the lower cost of natural gas used to meet the needs of customers. The Company has requested that the new PGA go into effect on November 16, 2015.
In making the announcement, Ron Gatz, Vice President and Chief Operating Officer - Gas, stated, 'The PGA reflects the costs to Empire of purchasing natural gas, and we are pleased that current conditions allow us to pass any reduction in costs on to our customers. As the winter heating season begins and customer usage increases, customers will see a positive impact from this lower rate.'
Empire District Gas Company's south system includes the communities of Clinton, Deerfield, Leeton, Marshall, Nevada, Platte City, Henrietta, Lexington, Richmond, Tracy, Weston, Sedalia, Dresden, Otterville and Smithton.
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The Purchased Gas Adjustment is designed to recover the cost the Company pays to purchase natural gas on the open market, plus the cost of transportation and storage services necessary to move the gas to the Company's service territory where it is delivered to customers. The wholesale cost of gas fluctuates daily, therefore, the PGA is adjusted periodically to reflect price changes in the market.
Empire offers several rebate and payment programs to help customers further control their energy bills.
Information regarding these initiatives and tips on saving energy can be found on Empire's Web site,www.empiredistrict.com.
Based in Joplin, Missouri, The Empire District Electric Company (NYSE: EDE) is an investor-owned, regulated utility providing electricity, natural gas (through its wholly owned subsidiary The Empire District Gas Company), and water service, with approximately 218,000 customers in Missouri, Kansas, Oklahoma, and Arkansas. A subsidiary of the Company also provides fiber optic services. For more information regarding Empire, visitwww.empiredistrict.com.
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Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements address future plans, objectives, expectations, and events or conditions concerning various matters. Actual results in each case could differ materially from those currently anticipated in such statements, by reason of the factors noted in our filings with the SEC, including the most recent Form 10-K and Form 10-Q.
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