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Public utilities

Colorado Public Utilities Commission Sets Interest Rate for Customer Deposits for 2024

Strategic Insights

— 1 min read

The Colorado Public Utilities Commission has decided to set the interest rate on customer deposits for 2024 at 4.93 percent, a significant increase from the 1.69 percent rate for 2023. This decision affects jurisdictional telecommunications providers in the state, who must update their tariffs, terms of service, and interconnection agreements to reflect the new rate. The commission has provided a timeline for providers to comply with the decision, which includes filing a new advice letter and tariff sheet on not less than two business days' notice.

Key Takeaways:

  • The interest rate on customer deposits for 2024 will be 4.93 percent, a 3.24 percent increase from the 2023 rate of 1.69 percent.
  • Telecommunications providers must update their tariffs, terms of service, and interconnection agreements to reflect the new interest rate.
  • Providers are required to file a new advice letter and tariff sheet on not less than two business days' notice, and the filing must comply with all applicable rules.
  • Failure to file the required compliance filing may result in a fine of up to $2,000.00.
  • The decision is effective upon its mailed date and affects all jurisdictional telecommunications providers in the state.
  • Providers are required to update their Terms of Service (TOS) with an effective date of January 1, 2024.
  • Any interconnection Agreements that contain an interest rate or terms applicable to customer deposits must be amended and appropriate notification provided.

Statistics:

  • 4.93 percent: the interest rate on customer deposits for 2024 set by the commission.
  • 1.69 percent: the interest rate on customer deposits for 2023.
  • 3.24 percent: the difference between the 2024 and 2023 interest rates.
  • 2024-01-01: the effective date for the update of Terms of Service (TOS).
  • 2023-11-06: the mailed date of the commission's decision.
  • 2023-11-01: the adopted date of the commission's decision.
  • $2,000.00: the maximum fine for failure to file the required compliance filing.

Sources:

  • Decision No. C23-0745 BEFORE THE PUBLIC UTILITIES COMMISSION OF THE STATE OF COLORADO PROCEEDING NO. 23M-0546T
  • 4 Code of Colorado Regulations 723-2, Rule 2302, Rule 2011
  • Federal Reserve Bulletin United States Treasury constant maturities
  • States of Colorado, Commission's Staff

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