Mississippi PSC Issues Final Order in Atmos Energy Rate Case

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Published November 4th, 2025

Detected March 17th, 2026

Summary

The Mississippi Public Service Commission (MPSC) has issued its final order in the Atmos Energy rate case. The order addresses numerous disputed issues, adopting the Public Utility Staff's positions on key matters such as the use of a historic test year, a 50/50 capital structure with a 9.4% return on equity, and a cap on system integrity capital spending.

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What changed

The Mississippi Public Service Commission (MPSC) has finalized its order in the rate case initiated by Atmos Energy Corporation. The order, issued on November 4, 2025, resolves nearly 20 disputed issues following a formal hearing. Key determinations include the adoption of a historic test year, a 9.4% return on equity with a 50/50 capital structure, and a cap on system integrity capital spending, largely favoring the Public Utility Staff's recommendations over Atmos Energy's proposals, though some of Atmos's proposals, like incentive compensation programs, were deemed reasonable.

This final order establishes binding rates and operational parameters for Atmos Energy within Mississippi. Regulated entities, particularly energy companies undergoing rate cases, should review the full order for detailed reasoning on the decided issues. While no specific compliance deadline is mentioned beyond the effective date of the order, Atmos Energy must now operate under these new directives, which aim to balance ratepayer interests with the provision of safe and reliable utility service. Non-compliance could lead to further regulatory scrutiny or penalties.

What to do next

Review the MPSC's final order for detailed reasoning on all decided issues.
Ensure Atmos Energy's operations align with the adopted rate structure, capital structure, and spending caps.
Consult legal counsel regarding any specific operational changes required by the order.

Source document (simplified)

Mississippi Public Service Commission (601) 961-5400 | WWW.PSC.MS.GOV PRESS RELEASE COMMISSIONERS Chris Brown Northern District, Chairman De’Keither A. Stamps Central District Wayne Carr Southern District FOR IMMEDIATE RELEASE: Mississippi Public Service Commission Issues Final Order in Atmos Energy Rate Case JACKSON, MS (November 4, 2025)— The Mississippi Public Service Commission (MPSC) today issued its final order in the rate case filed by Atmos Energy Corporation on June 2, 2025. The order follows a formal hearing held from September 30 to October 2, 2025, and addresses numerous disputed issues raised during the proceeding. After thorough review of the evidence presented by both Atmos Energy and the Public Utility Staff, the Commission found the majority of the Staff’s positions to be just and reasonable. Notable examples include: • The use of a historic test year • A proposed 50/50 capital structure with a 9.4% return on equity • A cap on system integrity capital spending The Commission also found certain proposals by Atmos Energy to be reasonable, such as the company’s proposed incentive compensation programs. The final order outlines the Commission’s determinations on nearly 20 additional disputed issues. These findings reflect the Commission’s commitment to balancing the interests of ratepayers with the need for safe, reliable utility service. The full order is available on the Commission’s docket and provides detailed reasoning behind each decision. ### KATHERINE COLLIER EXECUTIVE DIRECTOR CONTACT: RACHAEL RING DIRECTOR OF PUBLIC AFFAIRS (601) 540-6611 rachael.ring@psc.ms.gov