Posted: Wednesday, October 24, 2012 --- 4:14p.m.
MADISON, Wis. (AP) -- Customers of Wisconsin Power & Light will pay lower rates for electricity in 2013.
The Wisconsin Public Service Commission gave preliminary approval Wednesday to a 2.9 percent reduction in retail electric rates. For the Madison-based utility, it will mean dropping rates by $29 million in 2013.
The Wisconsin State Journal (http://bit.ly/P3bpM1) reports WP&L's electric rates are being lowered because it is costing the company less to produce power.
WP&L had requested a 2.5 percent electric rate cut earlier this year, but revised its proposal this month when forecasts said fuel costs will keep going down.
The company serves about one-third of southern and central Wisconsin, mainly outside Madison.
Information from: Wisconsin State Journal, http://www.madison.com/wsj
Copyright 2012. The Associated Press.