On Wednesday, the Wisconsin Public Service Commission announced it had reached an agreement with Wisconsin Service Corporation's request to keep electricity rates from rising in 2013, the Green Bay Press Gazette reports.

According to the news source, the agreement also means that WPS will slightly lower its natural gas distribution rates next year. Initially, WPS asked for a 9.2 percent increase in electricity rates. In return for not getting the rate increase it asked for, the utility will be allowed to hold on to about $20 million derived from a fuel-rate adjustment for 2012. Previously, the company would have had to return this money to customers.

This also means that customers of utility Wisconsin Power and Light will see lower electricity rates, the Milwaukee Journal Sentinel reports.

According to the media outlet, the lower prices stem from more favorable natural gas prices, which will allow the utility to lower rates by as much as 2.2 percent. This is equivalent to saving about $1.70 per month for the typical residential electricity customer. Business customers with Wisconsin Power and Light may receive the best electricity rates through the deal, falling 3.6 percent.