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REGULATORY ENVIRONMENT
6 Months Ended
Jun. 30, 2023
Regulated Operations [Abstract]  
REGULATORY ENVIRONMENT REGULATORY ENVIRONMENT
2024 Limited Rate Case Re-Opener

In accordance with our rate order approved by the PSCW in December 2022, we filed a request with the PSCW on May 15, 2023 for a limited electric and natural gas rate case re-opener. Our limited electric rate case re-opener includes updated revenue requirements for the generation projects that were previously approved by the PSCW and are expected to be placed into service in 2023 and 2024. It also includes the projected savings from the retirement of the OCPP units 5 and 6, which are expected to be retired in May 2024. Our limited natural gas rate case re-opener reflects the additional revenue requirements associated with our previously approved LNG project that is expected to be placed into service in 2023.
The requested increases in 2024 base rates are as follows:
Requested 2024 base rate increases
Electric$45.0  million/1.3%
Gas$23.9  million/4.5%

Our return on equity and common equity component average will not be addressed in the limited rate case re-opener. A PSCW decision is expected in the fourth quarter of 2023, with new rates expected to be effective January 1, 2024.