Kentucky’s largest utility companies have reached a proposed settlement with the office of Attorney General Russell Coleman that would cut their proposed rate increases for electric customers roughly in half.

The settlement relates to an ongoing rate case before the Kentucky Public Service Commission, in which Louisville Gas and Electric and Kentucky Utilities sought to increase the average monthly rate for residential electric customers by $11.04 and $18.14, respectively.

Under the settlement, LG&E would instead increase monthly electric bills by $5.04, while KU would increase theirs by $9. Whereas LG&E originally sought to increase the average monthly gas bill by $11.12, under the settlement it would increase by $8.10.

The settlement adds that the companies must lock in these rates un

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