In a move that would result in Entergy customers saving hundreds of millions of dollars in repair costs to electricity systems after hurricanes Katrina and Rita, the Louisiana Legislature passed Act 55 during a regular session in 2007.
In trying to use this legislation, Entergy customers would be guaranteed to receive $40 million in savings for the next five years with a potential to save upwards to $200 million over the next 10 years.
The two storms were ranked as the most destructive in history with over 1 million Entergy customers losing power for weeks. In an effort to restore electricity Entergy brought in 23,000 workers and were finally able to get the system up and running. In the meantime, the Louisiana Public Service Commission approved approximately $1 billion in costs that Entergy is entitled to recover from customers throughout the state.
In order to enact this legislation, the state bond commission must first approve it. They have studied to request for months but delayed acting on the request three times, before a preliminary okay on April 3. The bond commission now has to vote on final approval.
The five Public Service Commissioners have signed a resolution asking that the bond commission go forward and save customers money on these expensive repair costs
Now we ask that the bond commission quit delaying and take advantage of this legislation that was unanimously passed to save Entergy customers huge bucks associated with these costs.