Intercounty Electric Cooperative said it will increase rates 2 percent effective April 1 on residential and small commercial accounts.
The service availability charges increase by five cents per day and the increase in kWhs is from .0831 cents to .08394 cents. The new rates will reflected on May 1 bills.
Intercounty said the new rates are due to a significant increase in operational costs while overall growth and revenue are down. Part of the revenue downturn is due to overall milder weather patterns, little growth and members’ efforts to be more energy efficient and conscientious of their usage.
Intercounty released this information in a press release:
“The cooperative’s managers and board members recognize the important role they play in setting rates and apply the best practices when setting rates for their member/owners. IECA’s rate design must demonstrate value to their member/owners. The structure of their rates is vital to the financial health of a cooperative because it has a direct impact on the cooperative’s ability to pay its operating and financing costs. However, setting reasonable, affordable rates is a challenge.
To maintain the quality, reliability and stability of the services IECA provides, it is necessary to adjust the pricing structure. While virtually all aspects of today’s cost of living continue to rise, IECA takes prides in avoiding routine or large rate adjustments. IECA believes that reliable electric service at a reasonable price is something their members can count on and they can deliver on a daily basis.
You may ask how rate increases can be avoided. The simple answer is they can’t. Costs will continue to rise. Technology and infrastructure upgrades will be necessary and will continue to increase as well. However, they can remain stable longer for members, as an individual and a manager of their own home energy use, by taking steps to use energy wiser. IECA’s newsletter and website, www.ieca.coop, provide many great ways to save on electricity and better manage home usage. IECA also offers free energy audits and home visits with an energy adviser to provide members with some direction and information. Don’t forget IECA’s rebate program to help save money when taking steps to improve your home.
For a member-owned cooperative it’s not about profit but how they can serve their members better, and educate and assist them in using energy efficiently. Intercounty Electric lives by the cooperative difference. Their focus is on keeping the business financially strong on behalf of all their members, in order to continue to provide safe, reliable service at the lowest practical cost.”