Treasurer Lynn Fitch, Public Service Commissioners, and Entergy CEO
Haley Fisackerly held a press conference today to discuss recent steps to retire
early some of the utility restoration bonds issued pursuant to the Hurricane
Katrina Customer Relief and Electric Utility System Restoration Act in 2006.
As a result of these actions, ratepayers in the Entergy Mississippi area will
see reduced utility costs beginning with bills rendered on or after September
28th. In addition, state debt
will be reduced, reassuring credit rating agencies of Mississippi’s financial
footing, and a sum of about $1.2 million will be returned to taxpayers in the
State General Fund. Without these
proactive steps, ratepayers would have paid an additional $30.6 million over
the next three years.
“This is one of
those stories about government taking initiative, working together, and making
a positive difference for Mississippians,” said
Treasurer Lynn Fitch, member of the State Bond Commission. “Every man, woman, and child in Mississippi
is saddled with a debt burden of $1707.
Any time we can clear debt off our books is good for Mississippi. But when we can do it while also saving
ratepayers millions and making a contribution to the State General Fund, it’s
could have been a sizable electric bill hike for already devastated customers
was made manageable by unparalleled cooperation between government agencies
like the PSC and Entergy,” said PSC
Chairman Brandon Presley. “The
fruits of that effort are seen today as, just over a decade later, Entergy has
paid its Katrina debt in full and ratepayers can shed one more reminder of that
good day for Mississippi rate payers,” said
Public Service Commissioner Cecil Brown.
people of this great state responded to this historic disaster of Katrina with
an epic response. And our response was equal to the challenge,” said Public Service Commissioner Sam
Britton. “We came together, worked
together and solved the problems together.
The utility restoration bonds that are being discussed today is a
positive example of our working together to solve a very difficult situation.
We should always remember, that working together, we can accomplish great
things. We only have to look to Katrina for proof of that statement."