Last year, Piedmont Electric Cooperative conducted a third-party study to determine if the rates we charge ensure we can continue to provide you with the exceptional service and reliability you have come to expect from your local co-op.
We have discussed this study, known as a cost-of-service study, in several previous issues of our newsletter. The study has concluded, and staff and the board of directors are in the process of finalizing the details of what changes will be necessary. The details will be shared in future newsletters once the exact changes are finalized. Changes will take effect with your May 2024 bill.
A couple of key points we can share with you now.
• While we continuously strive to keep rates low, inflation and increases in the cost of electricity generation necessitate an increase to our rates beginning May 1.
• In September 2023, the wholesale power cost adjustment (WPCA) line on members’ bills became the wholesale power and TIER adjustment (WPTA). While the WPTA line will remain on bills, it will significantly decrease as the rate increases ultimately resulting in little net change to the bottom line for what members have seen on their bills since September.
• Through strong financial management, Piedmont Electric has not had a general rate increase since 2014. We have been able to wait longer to increase rates than other North Carolina power companies.
• For members who are concerned about their bill, Piedmont Electric provides programs to help members save energy and money and we can connect you with payment resources. We are here to serve our members and we encourage anyone struggling to pay their bill to reach out to us so that we may assist you.
While we know no one likes to pay more for something, this rate change is necessary to be able to continue to maintain our electric system. The increase enables us to pay for the necessary maintenance to our system. Without this maintenance, outages would become more frequent and longer in duration.
As your local co-op, we promise to continue to work to keep costs down and minimize the impact of increases on our members. If you or someone you know is interested in programs to save energy and money or needs assistance with paying a bill, please contact us at 800.222.3107 or info@pemc.coop so we can work towards a solution that works for you.
