Updated 5:08 p.m.
Ameren Missouri is seeking approval from state regulators to raise electricity rates by almost 15 percent. Ameren President and CEO Warner Baxter said the company needs the additional $376 million to cover infrastructure upgrades and higher fuel costs.
"With this electric rate increase filing," he said, "we are simply seeking to recover the costs and investments we have made to meet our customers' expectations for a safe and reliable clean energy."
The utility says about one third of the rate hike would cover rising fuel costs, while about a quarter would pay for recently proposed energy efficiency programs.
Warren Wood, Ameren's vice president of regulatory and legislative affairs said these programs will save customers $500 million over the next 20 years.
"The actual approval of the cost recovery - to make the bridge between the approval of the programs and what's permissible in customer rates for recovery is handled in this rate request," Wood said.
The rate hike would raise the average customer's electric bill by about $14 a month. Baxter said he anticipates a decision to be made by December with new rates effective by next January.
