CHICAGO (WBBM NEWSRADIO) - Members of a Chicago City Council committee questioned the head of Peoples Gas about a record rate hike the utility is requesting from state regulators.
Peoples Gas President Torrence Hinton was in the hot seat regarding the proposed increase that would add about $12 a month to the average bill.
“So far, Peoples Gas has proposed a $402 million rate hike, which is the largest in state history…This rate hike has been proposed following Peoples Gas’ sixth straight year of record profits,” Ald. Bill Conway said.
He noted a $2 billion pipe replacement program has ballooned to $11 billion. He also claimed that Peoples credits increasing late fee revenue with profit increases.
Hinton said costs have “increased significantly” over the past decade and that Peoples needs to invest in “safety and reliability.”
The City Council has no authority over Peoples Gas rates.
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