CUB: Peoples Gas rate hike should be cut by $63M

CHICAGO (CBS) -- Consumer watchdog groups said a Peoples Gas record rate hike request should be cut down by at least $63 million.

"The utility wants to sock us with a record rate so it can secure an excessive profit rate and continue its run of record earnings," said Citizens Utility Board Deputy Director Sarah Moskowitz:

The $402 million dollar rate hike Peoples Gas is requesting could increase customers' bills by about $140 a year. Advocates said families on the South Side and West Side are already struggling to keep up with payments.

Peoples Gas said customers' bills would remain largely flat.

The Illinois Commerce Commission will rule on the rate hike in late November or early December.