FRANKFORT, Ky. (AP) — Louisville Gas and Electric Co. and Kentucky Utilities have agreed to reduce their rate increase proposal, a move that Kentucky Attorney General Andy Beshear’s office said will save ratepayers $90 million annually.

The utilities were seeking nearly $210 million in increased annual revenues, but Beshear had proposed cutting the request. Beshear’s office said in a news release the parties signed a settlement Wednesday.

The Kentucky Public Service Commission will review the settlement May 9. If approved, the utilities said in a news release that KU would receive a revenue increase of $54.9 million, while LG&E would have increases of $59.4 million in electric revenue and $7.5 million in natural gas.

The utilities also agreed to a smaller increase in monthly fixed charges and to withdraw plans for full deployment of “smart meters.”
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