EL PASO, Texas--(BUSINESS WIRE)--
On January 21, 2016, El Paso Electric Company (EPE) (NYSE: EE) filed a
joint motion to abate the procedural schedule related to its Public
Utility Commission of Texas (PUCT) rate case proceeding to facilitate
settlement talks. The PUCT Staff, the City of El Paso, the Office of
Public Utility Counsel and the Texas Industrial Energy Consumers joined
in this joint motion. The parties have made substantial progress in
settlement talks but have not yet reached a full settlement agreement.
An Order approving the joint motion, cancelling the prehearing
conference scheduled for this Friday, January 22, 2016, and postponing
the start of the hearing on the merits also was issued earlier today.
EPE will file a status report on settlement progress with the
Administrative Law Judges next Friday, January 29, 2016.
On August 10, 2015, EPE filed with the City of El Paso, other
incorporated municipalities in its Texas service territory and the PUCT
a request for an increase in non-fuel base revenues of approximately
$71.5 million. When EPE filed its rebuttal testimony on January 15,
2016, it modified the requested increase to $63.3 million. A hearing on
the merits of the rate case filing was set to begin on January 26, 2016.
"We continue to make progress with our intervenors and regulators toward
reaching a settlement," said Mary Kipp, El Paso Electric CEO. "The
temporary abatement of this rate case proceeding allows us to continue
our settlement discussions."
El Paso Electric is a regional electric utility providing generation,
transmission and distribution service to approximately 400,000 retail
and wholesale customers in a 10,000 square mile area of the Rio Grande
valley in west Texas and southern New Mexico. El Paso Electric has a net
dependable generating capability of 2,010 MW.
Safe Harbor
This news release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor provisions
within the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act"), and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). This information
often involves risks and uncertainties that could cause actual results
to differ materially from such forward-looking statements. Factors that
could cause or contribute to such differences include, but are not
limited to: (i) a breakdown in settlement discussions with the parties
in EPE's Texas rate case; (ii) EPE's inability to reach agreement with
the intervenors in EPE's Texas rate case; (iii) increased prices for
fuel and purchased power and the possibility that regulators may not
permit EPE to pass through all such increased costs to customers or to
recover previously incurred fuel costs in rates; (iv) full and timely
recovery of capital investments and operating costs through rates in
Texas and New Mexico; and (v) other factors detailed by EPE in its
public filings with the Securities and Exchange Commission. EPE's
filings are available from the Securities and Exchange Commission or may
be obtained through EPE's website, http://www.epelectric.com.
Although El Paso Electric believes that the expectations reflected in
such forward-looking statements are reasonable, no assurances can be
given that these expectations will prove to be correct. Any such
forward-looking statement is qualified by reference to these risks and
factors. EPE cautions that these risks and factors are not exclusive.
EPE does not undertake to update any forward-looking statement that may
be made from time to time by or on behalf of EPE except as required by
law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160121006574/en/
El Paso Electric Company
Public Relations
Eddie
Gutierrez, 915-543-5763
eduardo.gutierrez@epelectric.com
or
Investor
Relations
Lisa Budtke, 915-543-5947
lisa.budtke@epelectric.com
or
Richard
Gonzalez, 915-543-2236
richard.gonzalez@epelectric.com
Source: El Paso Electric Company
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