Iowa Utilities Board approves electricity credit for MidAmerican

The Iowa Utilities Board has approved a small amount of financial help for some Iowans.The regulatory board today approved the early payment of a credit of nearly 22-million dollars requested by MidAmerican Energy for the company’s electric customers. The money comes from profits that’re over what the utility was guaranteed under a state pricing agreement. MidAmerican asked the board for permission to deliver the credit early to help customers suffering from high winter heating bills. The credit would pay the average MidAmerican customer about 20 dollars. The State Consumer Advocate said earlier this month that MidAmerican is making too much excess profit, and it’s time for state regulators to step in and reduce their rates as a result.