The Arkansas Public Service Commission has approved a general rate increase for Black Hills Energy and its 169,000 natural gas customers in Arkansas.
The commission approved a 6.8 percent increase. So for a customer with a $100 monthly bill, the cost will increase to $106.80. The increase for commercial customers will vary based on rate class and usage.
Over the winter heating season, the increase will be largely offset by a refund customers will receive because of the federal Tax Cuts and Jobs Act passed in December.
Black Hills will refund $8.2 million to its customers from tax-law benefits accumulated from Jan. 1 through Oct. 15.
The refund will be paid as a monthly credit to customers on bills beginning in mid-October and continuing into May. A typical residential customer will receive a monthly refund of about $4.64 a month ending in the middle of May.
Black Hills has customers in 104 Arkansas communities.
-- David Smith
Hall of Fame to add 4 business leaders
Four business leaders who have made significant contributions to their communities and to the finance, petroleum, canning and protein industries will be inducted into the Arkansas Business Hall of Fame at a ceremony in February.
Joining the list of 82 members in the Hall of Fame are: Warren A. Stephens, chairman, president and chief executive officer of Stephens Inc.; Claiborne P. Deming, retired president and chief executive officer and current chairman of the board of Murphy Oil; the late John W. Tyson, founder and former chief executive officer of Tyson Foods; and the late Joe M. Steele, founder of Steele Canning Co. and the Springdale Canning Co.
The Arkansas Business Hall of Fame induction ceremony will be held at the Statehouse Convention Center in Little Rock on Feb. 8. Tickets are $150. More information can be found at (479) 575-6146 or walton.uark.edu/abhf.
-- David Smith
Index sinks 10.85, closes day at 434.83
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 10.85 to 434.83 Wednesday.
"Selling accelerated late in the day as equities dropped sharply on continued concerns over rising interest rates as well as reduced market liquidity due to upcoming Treasury auctions and a blackout in corporate buybacks as a result of the upcoming earnings season," said Leon Lants, managing director at Stephens Inc. in Little Rock.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 10/11/2018