ONEOK's Texas Gas Service Unit Receives Approval to Increase Rates
02 Mayo 2006 - 9:00AM
PR Newswire (US)
TULSA, Okla., May 2 /PRNewswire-FirstCall/ -- ONEOK, Inc.
(NYSE:OKE) announced that its Texas Gas Service division received
approval to implement new rates in two of its service areas. The
implementation will affect 56,500 customers and will increase
annual revenues by $2.5 million. The new rates went into effect on
April 28, 2006. The first of the two areas consists of 11 cities
between Abilene and Ft. Worth. The request was approved for
$865,000, or a 4.2 percent increase, in revenue and includes an
approved return on equity of 10.85 percent. Texas Gas Service also
received approval to increase rates in its service area in south
Jefferson County, which includes the city of Port Arthur. The
cities agreed to a $1.6 million increase in revenue, or 9 percent,
and an approved return on equity of 11 percent. "Settlements of
these rate cases allow us to continue to make investments that
deliver value to our customers," said Roger Mitchell, Texas Gas
Service president. "In both service areas, we focused on
restructuring our rates to increase the monthly demand-fee and
lower the volumetric charges. In addition, the agreements reduce
the impact of weather and provide mechanisms that improve the
recovery of the fuel-related portion of bad debt. These rate
structures are designed to produce more consistent earnings and
cash flow," Mitchell added. Texas Gas Service also has a rate case
pending approval in the Rio Grande Valley. Approval of these new
rates followed negotiations and review by the local authorities.
ONEOK is the general partner and owns 45.7 percent of Northern
Border Partners, L.P. (NYSE:NBP), one of the largest publicly
traded limited partnerships, which is a leader in the gathering,
processing, storage and transportation of natural gas in the U.S.
and owns one of the nation's premier natural gas liquids (NGL)
systems, connecting much of the natural gas and NGL supply in the
mid-continent with key market centers. ONEOK is among the largest
natural gas distributors in the United States, serving more than 2
million customers in Oklahoma, Kansas and Texas. ONEOK's energy
services operation focuses primarily on marketing natural gas and
related services throughout the U.S. ONEOK is a Fortune 500
company. Texas Gas Service provides natural gas service to
approximately 565,000 customers in the state of Texas, including
customers in Austin, El Paso, the Gulf Coast and the Rio Grande
Valley. Texas Gas Service is a division of Tulsa, Okla.-based
ONEOK, Inc. For information about ONEOK, Inc. visit the Web site:
http://www.oneok.com/ . For information about Texas Gas Service
Company, visit the Web site: http://www.texasgasservice.com/ .
Analyst Contact: Dan Harrison 918-588-7950 Media Contact: Lori
Moreno 512-370-8340 DATASOURCE: ONEOK, Inc. CONTACT: analysts, Dan
Harrison, +1-918-588-7950, or media, Lori Moreno, +1-512-370-8340,
both of ONEOK, Inc. Web site: http://www.oneok.com/
http://www.texasgasservice.com/
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