SoCalEd Dropping Rates

The stock market isn't the only thing going down these days-- so is your electric bill if you are a Southern California Edison customer. In a "man bites dog" story, the LA Times reports that the utility is actually lowering rates due to overcollections last year:

"Electricity rates will go down for Edison customers by about 1.5% this year as the utility returns about $430 million it over-collected from ratepayers in 2007. The give-back stems from an annual reconciliation of utility rate proceeds and costs and reflects lower-than-expected prices for natural gas and power purchases in 2007."

Of course, a SoCalEd Vice President says not to get used to the lower rates. In fact, expect a 12% hike in 2009.

Absent from this write-up is any outrage from the consumer advocate communty over the untility's penalty-fee gouging of ratepayers last year, but that's probably coming.

Edison customers to see electricity rate cut [Los Angeles Times]