Baltimore Gas & Electric Co. yesterday was denied permission for a temporary increase of $14.7 million in electric rates, proposed to the Maryland public service commission on June 1. Virginia Electric & Power Co., meanwhile, formally proposed higher rates for cities and cooperatives that buy power in bulk at wholesale prices.
The temporary boost sought by BG&E was part of an overall $120 million rate increase proposal - $102 million from electric rates and $18 million on natural gas sales. In addition, BG&E is seeking $4.7 million to cover an increase in depreciation accruals; the commission has not set a date for hearings on the rate hikes.
BG&E also announced plans to sell 1.5 million new shares of common stock in mid-July, through an underwriting group that includes Alex, Brown & Sons.
In a separate electric utility rate development, Virginia Electric & Power Co. yesterday asked the Federal Power Commission to approve a 19.9 per cent rate increase for cooperatives and 24.7 per cent rate boost for municipalities that buy power from Vepco at wholesale prices. Vepco said earlier it planned to seek the rate hikes, to add $21 million to its annual revenues.
Among electric coops and city government that buy such power from Vepco are the Northern Piedmont Electric Coop in Culpeper, Prince William Coop is Manassas, Town of Manassas and Town of Culpeper.
Vepco's proposals would bring its rate of profit on sales to these customers to 9.78 per cent. Vepco asked to begin charging the higher rates on July 28. Wholesale rates last were increased on Feb. 21, 1975 and the company said costs associated with its North Anna nuclear plant require additional revenues.