Latest news with #ratehike
Daily Mail
15 hours ago
- Business
- Daily Mail
State is plunged back in time for horrifying reason - forcing residents to take extreme measures
Shocking hikes in electric bills have left residents in the state of Michigan resorting to old-fashioned techniques to save money. Consumers Energy, the second largest power provider in the state, filed an intention to raise rates in March, leaving residents bracing for even higher bills.
Yahoo
6 days ago
- Business
- Yahoo
Judge recommends state regulators reject sale of Minnesota Power to BlackRock
Judge recommends state regulators reject sale of Minnesota Power to BlackRock originally appeared on Bring Me The News. A judge has recommended that state regulators reject the proposed $6.2 billion sale of Allete, the Duluth-based parent company of Minnesota Power, to two private investors. In the filings released Tuesday, Judge Megan J. McKenzie cited reports and analysis suggesting the proposed sale to Canada Pension Investment Board and BlackRock's Global Infrastructure Partners could bring about new risks for Minnesota Power and its customers, as well increase electric rates. 'Weighing against these possible benefits, there are foreseeable risks of harm to the energy transition, Allete's long-term financial health, and ratepayers. On balance, the risks of the deal, as proposed, outweigh the possible benefits,'McKenzie wrote in the filings. The proposed sale between the utilities provider and the investment groups was announced last year. Earlier this month, Allete announced that it reached an agreement with the Minnesota Department of Commerce to back the sale, after pledging to a one-year rate freeze and committing to green energy projects. The Citizens Utility Board of Minnesota, a nonprofit advocacy group, applauded the judge's recommendation, saying many Minnesota Power customers already struggle to afford their electric bills. 'At a time when the separation between the 'haves' and the 'have-nots' is growing more apparent, this deal puts the interests of Allete's shareholders ahead of Minnesota Power customers,' Citizens Utility Board of Minnesota executive director Annie Levenson-Falk said in a statement. The Sierra Club, the Minnesota Attorney General's Office, and CURE, an environmental nonprofit, have also voiced their opposition to the sale. The final decision on the outcome of the sale now lies with the Minnesota Public Utilities Commission. Minnesota Power services about 150,000 residential and commercial customers in northeastern Minnesota. This story was originally reported by Bring Me The News on Jul 16, 2025, where it first appeared. Solve the daily Crossword
Fast Company
14-07-2025
- Business
- Fast Company
Forever stamp prices and other USPS shipping services just went up again: See the new list of postal rates
If you need a fresh pack of stamps, be prepared to pay a little bit more. As of yesterday, the price of a Forever Stamp is now 78 cents, an increase of roughly 7%. And it's not just stamps. The United States Postal Service (USPS) is hiking rates for various domestic shipping services. Here's everything you need to know: Which rates are going up? According to a notice from the USPS, rates for the following services are going up: Priority Mail service : 6.3% increase : 6.3% increase USPS Ground Advantage : 7.1% increase : 7.1% increase Parcel Select: 7.6% Which rates are staying the same The post office says the following services will not increase: Subscribe to the Daily newsletter. Fast Company's trending stories delivered to you every day Privacy Policy | Fast Company Newsletters Priority Mail Express service Domestic Extra Services International Ancillary Services International Products Why are rates going up? The increases are going toward technological upgrades, the modernization of services, new staffing, and customer service improvements, according to the USPS notice. Why am I just hearing about these rate increases? Probably because there is a lot going on in the world, and it's easy for this kind of news to get lost in our current flood-the-zone environment. The USPS did publish a notice about the proposed rate increases on May 9. Those increases have been approved and are now reflected on Why does this sound familiar? Rate hikes at the post office have become more frequent in recent years. The price of a stamp was last raised about a year ago, when the rate jumped from 68 cents to 73 cents, and that was already the second rate increase of 2024. The USPS has been working on a 10-year plan to achieve sustainability in the modern era, but it's still losing money. The agency saw a net loss of $9.5 billion in 2024, compared to $6.5 billion the year before. Last year, the USPS attributed $1.4 billion of its $79.5 billion operating revenue to rate increases.
Yahoo
10-07-2025
- Business
- Yahoo
NY Public Service Commission opens Con Ed rate hike hearings to the public July 9
Westchester and New York City residents will have the opportunity to address their representatives and Con Edison officials regarding the utility service's proposed rate hike at two public hearings Wednesday. The hearings will take place Wednesday, July 9, in the first-floor meeting room of the Westchester County Center in White Plains at 1 p.m. and 6 p.m. Registration is not required, and walk-ins are encouraged. Con Edison announced in January it would be looking to increase customers' electric bills by 11.4% and gas bills by 13.3% to fund new infrastructure investments that would "help the company maintain its nation-leading reliable electric service and continue fortifying its energy systems, as extreme weather events become more frequent and severe." Dig deeper: With gas, electric bills surging, NY pushes regulatory agency to get tough on utilities Among the proposed new investments are programs to reduce methane from gas systems, fortifying power grids to prevent outages as more extreme weather events affect the area and increasing customer service staff for faster assistance. However, the energy provider estimated it would require at least $1.6 billion more in electric revenue and $440 million in gas revenue to meet their goals, leading to the proposed rate increases. If the plan is approved, the bill increase will go into effect on Jan. 1, 2026. Since Con Ed's announcement, many state and county legislators have pushed back against the utility company for attempting to raise costs on New Yorkers and have urged the state Public Service Commission to reject the utility company's proposal. 'Con Edison's proposal is tone-deaf and out of touch with the realities now facing working families and fixed-income New Yorkers,' said State Sen. Pete Harckham (D-Peekskill) at a July 8 rate case hearing in Cortlandt Manor. 'Many New Yorkers are already struggling to pay rent, buy groceries, and afford basic healthcare. Inflation has stretched household budgets thin and higher utility bills will be the breaking point for many families.' Those who wish to speak are not required to bring a written speech, as each verbal or written comment will be recorded by a clerk in a transcript for the record. Each person who wishes to participate will be called after completing a request card. The New York State Department of Public Service says each hearing will be open for at least thirty minutes and will remain in session until all comments are included in the record. For more information on Con Edison's proposal and previous hearings, visit the New York State Department of Public Service website. This article originally appeared on Rockland/Westchester Journal News: Con Ed rate hikes public hearing at Westchester County Center July 9
Japan Times
09-07-2025
- Business
- Japan Times
New board member hints at possible raising of BOJ's price outlook
One of the Bank of Japan's newest board members alluded to a possible upward revision to the central bank's inflation view this month, an outcome that would keep open the possibility of another rate increase this year. "Inflation for rice and food-related items has been stronger than expected,' Junko Koeda said Monday in her first media interview since joining the board in March. "I'm closely watching potential secondary effects on underlying inflation from rice, which is a staple food.' Koeda spoke before U.S. President Donald Trump announced a new tariff level of 25% on Japan. The board member stressed there are high economic uncertainties stemming from the U.S. levies as she underscored the need to assess incoming data before considering any policy moves. "Given ongoing high uncertainties, it's inappropriate to talk about a specific timing for the next rate hike,' Koeda said. "We need to decide by closely looking at the economy, inflation and financial markets without missing a sign of change.' BOJ Gov. Kazuo Ueda's board delivers its next policy decision on July 31 and will update its quarterly economic outlook. With a stand-pat decision widely expected, the main focus is on whether the central bank will raise its inflation forecasts, a key factor in mulling the likely timing of rate hikes once there's more clarity over U.S. tariffs. Stay updated on Japan's rice crisis. Quality journalism is more crucial than ever. Help us get the story right. For a limited time, we're offering a discounted subscription plan. Unlimited access US$30 US$18 /mo FOREVER subscribe NOW Trump has now set Aug. 1 as the new day when higher "reciprocal tariffs' kick in, thereby giving countries another three weeks or so to reach trade deals. Japan's key inflation gauge showed an acceleration to 3.7% from a year earlier in May, the highest level among Group of Seven nations. Price growth has remained at or above the BOJ's 2% target for more than three years with the cost of rice among the drivers recently. The nation's staple food surged 102% in May, the fastest pace in half a century. The central bank currently expects the cost of living to rise 2.2% in the year ending March 2026, lower than 2.4%, the median estimate of private economists. "There are both upside and downside risks for inflation,' Koeda said, echoing Ueda's remarks last month. The comments suggest a potential change in the BOJ's risk balance assessment, after the central bank's April outlook report mentioned only downside risks for prices in that section. Koeda assumed her five-year term on March 26 in a career shift from her position as an economics professor at Tokyo's Waseda University. She became known among BOJ watchers after the BOJ's think tank published a paper of hers in 2018, highlighting positive aspects of scrapping the negative interest rate policy. The paper was perceived as a hint at coming changes and contributed to her reputation for leaning toward hawkishness. Koeda is also known for her research on the BOJ's balance sheet and Japan's debt market. While the central bank has trimmed its bond buying over the last year, it decided last month to slow down its withdrawal from the market after super-long bond yields hit a record high in May in a sign of instability. Despite the central bank's move, the market continues to be hit by volatility, with 30-year bond yields rising Tuesday on concerns over fiscal policy after an upper house election on July 20. "Long-term interest rates should be determined by financial markets in principle,' Koeda said. The BOJ should step into the market only "in exceptional cases when yields surge in an abnormal manner.' At 49, Koeda is the youngest of nine members on the board and her presence marks the first time it has had two female members, a sign of progress in raising the representation of women at the central bank. She said the BOJ is well positioned to achieve its goal of having women fill 20% of management positions by June next year. "Productivity overall can be boosted by making the work environment friendlier to the needs of each employee,' Koeda said.
