- A new report from a Mississippi Public Service Commission regulator finds the state's power associations owe customers more than $114 million in refunds, commonly known as capital credits.
- The report was issued by Commissioner Brandon Presley, who is now calling for a formal inquiry by the full commission and staff.
- The state's 25 power associations accumulated funds totaling $161.8 million in the last filing year. Of those, only seven associations returned a total of $47 million.
Mississippi is one of 28 states with laws governing how excess funds are to be distributed to association members, with the state requiring that excess funds be returned either through direct reimbursement or through general rate reductions. But, according to the new report, only seven associations returned excess funds to customers in the last year.
“My initial look into some of the large cash reserves has led me to the disturbing conclusion that some power association boards are simply sitting on money that rightfully belongs to customers,” Presley said. “That said, some Mississippi power associations have demonstrated a commitment to follow the law and return money to members.”
Those associations who returned dollars to customers were Coast EPA ($13.2 million), Delta EPA ($3.9 million), Dixie EPA ($7.6 million), Magnolia EPA ($1.8 million), Pearl River Valley EPA ($8.8 million), Singing River EPA ($11.4 million), and Southwest Mississippi EPA ($200,000 ).
Presley said that his office gathered data filed with the PSC, as well as data filed with other state and federal agencies. He cited Twin County Electric Power Association as the most egregious offender; according to the latest filing, it holds over $33 million in capital credit funds, but returned none to its members.