Regulators approve PPL rate increase

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Pennsylvania regulators have approved a proposal that will bring PPL as much as $71 million a year in additional revenue.

The Pennsylvania Public Utility Commission approved the new rates on Friday by a 4-1 vote. The average customer will see their bill rise about 3 percent. PPL said that the higher rates will be offset in part by lower generation costs.

The utility cited storm damage repairs as a major aspect of the new rates, including continued clean up of Hurricane Irene, which hit the region in 2011.

"These new rates will allow us to begin recovering the costs from distribution system improvements made over the past two years and will improve our ability to attract the capital funding needed to modernize our delivery system and better serve our customers," said Gregory Dudkin, president of PPL Electric Utilities, in a release.

Dudkin announced that PPL plans to invest $3.6 billion through 2016 in reliability and infrastructure improvements.

For more:
-see this release