The electric and gas utility regulatory agenda is heating up, and actions that are likely to occur during July could have significant implications for the industry.

➤ Decisions could be issued in at least 15 pending rate proceedings that Regulatory Research Associates is covering across 11 jurisdictions.

➤ US electric and gas utilities could file at least 13 new rate cases in July, as they look to address a variety of infrastructure investments and an increased operating cost profile.

➤ Stakeholders and consumer groups are poised to file testimony in 13 pending proceedings being followed by RRA. In addition, there could be developments regarding settlement negotiations in at least four pending rate cases, and administrative law judges are expected to weigh in regarding rate change proposals in four other proceedings.

➤ Action could occur regarding several commissioner seats in the coming weeks.

➤ A development is expected at the Federal Energy Regulatory Commission regarding one company's transmission formula rate proposal. FERC will also hold its monthly agenda meeting.

As of June 30, roughly 130 electric and gas rate cases were pending across 40 jurisdictions. The rate changes sought in these pending proceedings aggregate to a more than $17 billion net rate increase, excluding some of the later-year steps of multiyear rate requests.

RRA observed that 2025 was busier than usual. The fourth quarter is generally the most active time of the year for rate case decisions, with December the busiest month on average as regulators try to clear their slates before the new year begins. However, filing activity tends to taper off toward the end of the year.

A list of expected events for July and beyond is available in the Regulatory Research Associates Events Calendar.

Expected decisions

Kansas — Black Hills Kansas Gas Utility Co LLC — A decision could be issued in Black Hills Corp. subsidiary Black Hills Kansas Gas Utility's abbreviated rate proceeding. The utility requested a $2.4 million gas distribution base rate increase in Docket 26-BHCG-0240-RTS, reflecting a $313.3 million rate base. An 8.37% carrying charge, gross of tax, is being utilized in the case.

Maryland — Washington Gas Light Co. — A decision is likely to be rendered in Washington Gas Light's Maryland-jurisdictional rate proceeding (Case 9849). The utility supports an $82.5 million base rate increase that reflects a 10.85% return on equity (54.27% of capital) and an 8.07% return on a $1.690 billion rate base. Washington Gas Light is a subsidiary of AltaGas Ltd.

Massachusetts — The Berkshire Gas Co. — A decision may be issued in Berkshire Gas's pending rate case. The utility recently signed a settlement that calls for a $12.8 million net gas distribution rate increase premised upon a 9.275% return on equity (54.00% of capital) and a 7.25% return on a rate base valued at $179.5 million. Berkshire Gas is a subsidiary of Avangrid Inc., which is part of Iberdrola SA.

Montana — MDU Resources Group Inc. — The estimated date for a decision in MDU Resources' electric rate case in Montana is July 31. The company has signed a settlement that calls for a $10.0 million rate increase based on a 9.65% return on equity (51.12% of capital) and a 7.37% overall return.

Mississippi — Entergy Mississippi LLC — A decision could be issued in Entergy Corp. subsidiary Entergy Mississippi's formula rate plan proceeding (Docket 2025-UN-112). The utility proposes no change in its electric base rates, as its earnings fell within the applicable bandwidths.

Mississippi — Mississippi Power Co. — A decision could be issued in Southern Co. subsidiary Mississippi Power's performance evaluation plan rate proceeding (Docket 2019-UN-0219). The company proposes a $20.0 million rate hike, reflecting an 8.32% overall return.

New Hampshire — Public Service Co. of New Hampshire — A final order is expected to be issued regarding Eversource Energy subsidiary Public Service Co. of New Hampshire's electric alternative regulatory adjustment proposal (Docket DE-24-070). The company proposes a $23.6 million rate increase for the first of three annual formulaic annual revenue adjustments that are expected to occur on Aug. 1 of 2026, 2027 and 2028.

New Jersey — South Jersey Gas Co. — A decision could be issued July 31 in South Jersey Industries Inc. subsidiary South Jersey Gas's rate proceeding (Docket GR25110627). The company supports a $67.8 million rate hike based on a 10.00% return on equity (57.00% of capital) and a 7.96% return on a $2.915 billion rate base.

Oklahoma — Oklahoma Natural Gas Co. — An order could be issued in One Gas Inc. division Oklahoma Natural Gas's performance-based ratemaking (PBR) proceeding (Cause PUD2026-000010). The utility proposed a $28.7 million rate increase based on a $2.620 billion rate base. The company's PBR plan incorporates a 100-basis-point dead-band around a 9.40% authorized ROE benchmark.

Texas — Texas-New Mexico Power Co. (TNMP) — The Public Utility Commission of Texas could issue a decision in TXNM Energy Inc. subsidiary TNMP's pending rate case (Docket 58964). A pending settlement calls for a $17.2 million retail delivery electric rate increase that reflects a 9.65% return on equity (45.00% of capital) and a 7.40% return on a rate base valued at $1.546 billion. A $12.7 million wholesale transmission rate reduction was also identified.

Virginia — Virginia Electric and Power Co. — A decision is likely to be issued in Dominion Energy Inc. subsidiary Virginia Electric and Power's Rider DSM proceeding (Case PUR-2025-00210). The utility requested a $21.3 million rate increase under the rider, reflecting an $2.8 million rate base and a previously approved 9.70% ROE. Rider DSM pertains to the company's energy conservation and demand-side management programs.

Virginia — Virginia Electric and Power — A decision is expected to be issued in Virginia Electric and Power's Rider OSW proceeding (Case PUR-2025-00195). The utility requested a $25.7 million rate increase under the rider, reflecting an $8.178 billion rate base and the previously approved 9.70% ROE. Rider OSW pertains to the company's investment in the Coastal Virginia Offshore Wind Project.

Virginia — Virginia Electric and Power — A decision is likely in Virginia Electric and Power's Rider SMR proceeding (Case PUR-2025-00196). The utility proposes to implement an $8.1 million rate reduction under the rider, reflecting a $5.4 million rate base and the previously approved 9.70% ROE. Rider SMR pertains to projected and actual project development costs associated with the deployment of one or more small modular reactors on company-owned property adjacent to the existing North Anna Power Station.

Virginia — Virginia Electric and Power — A decision is expected to be issued in Virginia Electric and Power's Rider SNA proceeding (Case PUR-2025-00164). The utility proposes to implement a $25.8 million rate increase under the rider, reflecting a $1.988 billion rate base and the previously approved 9.70% ROE. Rider SNA pertains to costs associated with the company's proposal to pursue license extensions for the Surry and North Anna nuclear units.

Washington — Northwest Natural Gas Co. — A final decision is expected by July 31 in Northwest Natural Holding Co. subsidiary Northwest Natural Gas's rate case (Docket UG-250610). The utility has signed onto a settlement that calls for a cumulative $37.2 million rate increase over three years, premised on a 9.50 return on equity (50.00% of capital) and overall rates of return of 7.15%, 7.18% and 7.22%. The rate base value specified for the third year is $410.7 million.

Administrative law judge recommendations

Michigan — DTE Gas Co. — An administrative law judge's proposed decision is expected to be issued July 9 in DTE Energy Co. subsidiary DTE Gas's rate case (Docket U-21973). The utility supports a $233.8 million rate increase premised upon a 10.25% return on equity (41.43% of a regulatory capital structure) and a 6.18% return on a $7.999 billion rate base.

Virginia — Appalachian Power Co. — A hearing examiner report may be issued in Appalachian Power Co.'s Rider BC-RAC proceeding (Case PUR-2026-00010). The utility seeks to implement an $11.4 million rate increase under the rider, reflecting a $106.9 million rate base and the 9.75% return on equity (50.88% of capital) and 7.35% return on rate base approved in the company's 2024 biennial review proceeding. The rider is related to the recovery of investments to extend "middle mile" broadband service to rural parts of the service territory.

Virginia — Virginia Electric and Power — A hearing examiner's report may be issued in Virginia Electric and Power's Rider E proceeding (Case PUR-2026-00006). The utility proposes to implement a $5.3 million rate increase under the rider, reflecting a $187.6 million rate base and the 9.80% return on equity (52.035% of capital) and 7.196% overall return approved in the company's 2025 biennial review. Rider E pertains to costs incurred to comply with US Environmental Protection Agency and Virginia Waste Management Board regulations related to the storage and disposal of coal combustion residuals.

Virginia — Washington Gas Light — A hearing examiner's report could be issued in Washington Gas Light's rate proceeding (Case PUR-2025-00091). The company is a signatory to a settlement that calls for a $74.0 million rate increase premised upon a 9.80% return on equity (53.11% of capital) and a 7.39% overall return.

Settlements

Colorado — Public Service Co. of Colorado — A settlement, if one is ultimately reached, is expected to be filed by July 8 in Xcel Energy Inc. subsidiary Public Service Co. or Colorado's gas distribution rate case (Docket 25AL-0538G). The company supports a $206.6 million rate increase premised upon a 10.75% return on equity (55.03% of capital) and a 7.97% return on a $4.661 billion rate base.

Pennsylvania — UGI Utilities Inc. — Settlement conferences are to be held during July in UGI Corp. subsidiary UGI Utilities' electric rate proceeding (Docket R-2025-3059430). The utility seeks a $17.3 million base rate increase that reflects a 10.85% return on equity (54.25% of capital) and an 8.26% return on a $239.2 million rate base.

Texas — Southwestern Electric Power Co. (SWEPCO) — The Public Utility Commission of Texas had suspended the procedural schedule in American Electric Power Co. Inc. subsidiary SWEPCO's pending rate case (Docket 58819) to accommodate settlement talks. A settlement in principle was recently reached and a formal agreement could be filed by July 15. SWEPCO filed for a $163.9 million Texas-jurisdictional base rate increase premised on a 10.75% return on equity (51.98% of capital) and a 7.79% return on a rate base valued at $2.368 billion. The Office of Public Utility Counsel filed testimony on March 24, recommending a $127.6 million base rate increase that reflects a 9.44% return on equity (51.73% of capital) and a 6.73% return on a rate base valued at $2.329 billion. In comparable terms, the staff apparently supports a $139 million base rate increase supported by a 9.60% return on equity (51.98% of capital) and a 7.18% return on a rate base valued at $2.316 billion.

Washington — Avista Corp. — A settlement conference is to be held July 14 in Avista's electric and gas rate proceedings (Dockets UE-260007 and UG-260008). The utility seeks a $214.9 million multiyear rate increase that reflects a 10.50% return on equity (48.50% of capital) and a 7.67% return on a $3.123 billion rate base. A $28.0 million gas rate hike is also being sought, premised upon a 10.50% return on equity (48.50% of capital) and a 7.67% return on a $710.0 million rate base.

Commissioners

Developments are expected in July that will impact the composition of several state commissions.

The following commissioners are serving beyond the expiration of their terms, pending reappointment or replacement: Chairman John Espindola of the Regulatory Commission of Alaska (RCA); Maida Coleman (D) of the Missouri Public Service Commission; Katie Zerfuss of the Pennsylvania Public Utilities Commission; Chairman Robert Gerwatowski of the Rhode Island Public Utilities Commission; Kenneth Hill (R) and David Crowell of the Tennessee Public Utility Commission; Courtney Hjaltman of the Public Utility Commission of Texas; and Chair Charlotte Lane (R) of the West Virginia Public Service Commission.

In several instances, commissioners have been appointed or reappointed and are serving pending confirmation, including Julie Vogler of RCA; Christine Harada of the California Public Utilities Commission; Chairman Emile Thompson and Ted Trabue Jr. of the Public Service Commission of the District of Columbia; Floyd McKissick Jr. and John Gajda of the North Carolina Utilities Commission; Morgan Johnson and Patrick Rhode of the Texas PUC; and Kristy Nieto and Marcus Hawkins of the Public Service Commission of Wisconsin.

There are also vacancies on the Kentucky PSC and the Missouri PSC.

On Feb. 18, Gov. Gavin Newsom appointed Christine Harada to the California Public Utilities Commission to fill a vacancy created by the departure of Commissioner Alice Reynolds, who was appointed to the California Independent System Operator Board of Governors.

On March 25, Gov. Daniel McKee (D) nominated Donna Sams to serve on the Rhode Island PUC, pending Senate confirmation. Sams is to replace Abigail Anthony, who continues to serve beyond the end of a term that extended to March 2023. The legislature adjourned on June 11 and did not hold a confirmation hearing on the nomination of Sams. Sams's nomination will have to wait until the legislature reconvenes in January 2027 for any senate action on the nomination. In the meantime, Anthony may remain in her position as commissioner, as permitted under state law.

The Montana Public Service Commission filed a formal complaint on May 21 with Gov. Greg Gianforte (R) to suspend Commissioner Brad Molnar (R), based on the results of two independent misconduct investigations completed in 2025, and supplemental findings and recommendations identified in a Montana Department of Public Service Regulation report that was adopted by the regulators May 6.

On June 5, Gov. Mikie Sherrill (D) announced the nomination of Ben Hertz-Shargel to serve on the New Jersey BPU, pending Senate confirmation. Hertz-Shargel will replace Commissioner Zenon Christodoulou (D), whose term expired in March. Upon confirmation, he is slated to become the next BPU president, succeeding Christine Guhl-Sadovy.

On June 17, Gov. Kay Ivey (R) announced the appointment of Ron Burgess, Fred Johnson, Demarcus Joiner and Quinton Ross to the Alabama Public Service Commission. Following the passing of House Bill 475, the number of PSC commissioner seats expanded to seven from three and gave the governor authority to appoint the four new commissioners from a candidate pool. The new terms for the four commissioners will commence on Jan. 18, 2027.

FERC

On July 16, the FERC will hold its regularly scheduled monthly agenda meeting.

On June 27, a FERC law judge will convene a settlement conference in a proceeding considering an initial transmission formula rate and request for transmission incentives filed by the Valley Link Transmission Company LLC. Valley Link requested a base ROE of 10.90% and a 50-basis-point ROE adder for participating in the PJM Interconnection, for a total ROE of 11.40%. Among other things, the company said it "faces particular risks as a start-up with no credit history focused on competing for opportunities to build new transmission facilities."

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