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A settlement agreement filed with Indiana regulators preserves ProLiance's gas supply relationship with its utility affiliates, Vectren Energy Delivery and Citizens Gas & Coke Utility, through March 2011. The settlement, which was reached with the utilities, ProLiance and three consumer representatives, is subject to approval by the Indiana Utility Regulatory Commission (IURC).
Vectren Chairman Niel C. Ellerbrook said the agreement "provides for significant future savings for our customers and the recognition that ProLiance's Indiana-based business model remains beneficial to all parties."
The utilities said that their customers have enjoyed a cumulative gas supply cost savings of more than $85 million due to ProLiance's portfolio management, which has been in place since Vectren and Citizens Gas formed the joint venture in 1996. The two utilities identified potential gas cost savings resulting from the joint management of their interstate supply portfolios and contracted with ProLiance to provide services to them at a reduced cost. The relationship includes the use of a gas cost incentive mechanism.
In June 2002, the utilities, which serve nearly one million Indiana customers, the Indiana Office of Utility Consumer Counselor (OUCC), the Citizens Action Coalition of Indiana, and an Industrial Customer Group entered into a settlement resolving outstanding issues related to ProLiance's supply services and providing that the company would remain the utilities' supplier through March 2007. The new settlement extends the term of the relationship four years.
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