BATON ROUGE, LA (WAFB) - Entergy customers can now look forward to lower bills. The company says it has paid off the restoration costs for Hurricanes Katrina and Rita.
Representatives spoke to the Public Service Commission Wednesday morning.
"Entergy Louisiana customers were saddled with roughly a billion dollars of costs to repair the system, and we went about to figure out what was the most efficient way to recover those costs from customers," said Phillip May, president and CEO of Entergy Louisiana.
It took the company 13 years to pay off the costs, but May added they opted for long-term, low-interest bonds in an effort to save customers money.
Commissioner Foster Campbell says he's been hearing about the repair costs for many years now. "We really get $5 or something a month everywhere I go," said Campbell. "When does this come off, when does this come off?"
Entergy says the cost of repairs was $966 million. The average homeowner reportedly will see a reduction of $4.37 on their monthly bill.
It took 42 days to restore power after Katrina and three weeks after Rita, according to Entergy.
Customers are not completely free of storm costs though. Entergy expects to repay bonds for Hurricanes Gustav and Ike in August of 2022. They expect to pay off Isaac in 2026.