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STATEMENT FROM CPB CHAIRPERSON & EXEC. DIRE. TERESA A. SANTIAGO REGARDING CUSTOMER REFUNDS FOR RG&E CUSTOMERS
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"The Consumer Protection Board is pleased to have played a major role in producing these refunds for RG&E customers.
"Our focus on refunds was at the direction of Governor Pataki who has established an overall policy that New York must do everything it can to hold down the price of electricity.
"In the end, this agreement and these refunds -- the largest ever for an upstate utility -- will continue the Governor's record of freezing or reducing base electric delivery rates for all New Yorkers."
Rochester Gas & Electric customers will be receiving a $25 million refund in checks mailed Thursday, March 3. This is the second refund of four refunds totaling $110 million that was secured through an agreement between the state and RG&E. The agreement determined how proceeds would be used from the sale of the Gina Nuclear Power Plant.
From this year's refund, a typical residential customer will soon receive a $16 check in the mail. Last year, such customers received roughly $46 from $60 million in total customer refunds.
Refunds totaling $15 million will be provided next year and another $10 million in refunds will occur in 2007.
In addition to the $110 million in refunds, the agreement negotiated by the Consumer Protection Board also calls for $270 million to be placed in the "customer benefit" fund to reduce future costs.
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