In last month’s newsletter we discussed the conclusion of the cost-of-service study, the details of which staff and the board of directors are in the process of finalizing.
After a thorough cost-of-service study conducted by a third-party rate consultant firm, our staff and board of directors are finalizing the details to ensure that the rates we charge align with our mission of delivering exceptional service and reliability to you, our valued members.
As your trusted electric cooperative, we constantly strive to ensure that our rates remain fair and ensure we can continue to provide exceptional service. In our ongoing commitment to transparency, we want to inform you about some upcoming changes to your electric rates, effective May 1.
As of the publication of this article, the exact details have not been finalized. However, we can share with you some general changes you can expect to see starting next month.
- Drop in the wholesale power and TIER adjustment (WPTA): While the WPTA line item will remain on bills, you will notice a significant decrease.
- Increase in electric rates: Most rate classes will see a modest increase in the base rate.
- Little to no change in your bottom line: With the WPTA going down and rates going up, we expect there to be little change in what you’ll pay for the same energy usage from April to May.
- Residential rate simplification: We’re streamlining our residential rate structure from three tiers to two, aiming to make your bills more straightforward and easier to understand. The tiers will continue to help lessen the impact of weather on your power bill.
- Consistent rates year-round: We’re moving towards a consistent rate structure for both summer and winter billing periods. This adjustment reflects evolving energy use patterns and costs throughout the year, ensuring fairness and predictability for our members.
Piedmont Electric has always and will continue to strive to provide exceptional service at the lowest possible cost. We know that this rate increase will impact members, but we have waited as long as we can to increase rates without sacrificing service. This change is essential to sustain our electric system, allowing us to fund necessary maintenance and provide reliable service.
Rest assured, we remain committed to minimizing the impact of rate changes on our members. If you or someone you know is seeking ways to save energy and money or needs assistance with bill payments, please reach out to us at 800.222.3107 or info@pemc.coop. We’re here to help find solutions that work for you.
Thank you for your continued trust and support as we work together to power our communities.