Laclede Gas Company to Appeal MoPSC Ruling

May 02, 2003, 01:00 ET from Laclede Gas Company

    ST. LOUIS, May 2 /PRNewswire/ -- Laclede Gas Company, Missouri's largest
 distributor of natural gas energy, said today it will seek rehearing, and if
 unsuccessful, appeal a Missouri Public Service Commission ruling that reverses
 the terms of the Price Stabilization Program approved by the Commission in
     At issue is a 3-2 Commission decision that would deny Laclede $4.9 million
 in proceeds under the terms of the Price Stabilization Program previously
     Laclede believes the terms of the Commission's approved program clearly
 permit Laclede to retain its share of the benefits from its efforts under that
 Incentive Program during the very cold winter of 2000/2001, of which nearly
 $20 million in call option proceeds were used to offset the cost of gas that
 would have otherwise been paid by its customers.
     As part of its earlier agreement with the Commission, Laclede also
 voluntarily contributed another $4 million of its share of these proceeds
 toward funding the program in its third year -- a contribution that allowed
 the Company to save its customers tens of millions of dollars more in gas
 costs during the winter of 2001/2002.
     Laclede believes that the Commission's decision to change the terms of an
 approved program after the fact is neither lawful or fair, nor in the
 interests of utility customers who benefit from such incentive programs.

SOURCE Laclede Gas Company