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EREC Members See Small Monthly Fee Added, But Rates May Drop In December
November 17, 2024
Escambia River Electric Cooperative (EREC) has implemented rate adjustment in the form of a small monthly fee but expects overall electric rates to drop by even more on December.
EREC added a flat increase of $3 per month on the facility service charge portion for electricity and water and a $10 flat increase for commercial electric members beginning immediately.
“While prices have been on the rise, Escambia River Electric Cooperative has worked to minimize controllable expenses to keep up with inflation instead of raising rates for members. Unfortunately, the time has come when we are not able to cut controllable costs and keep up with the rising costs. We need to make a modest adjustment to address the rising costs of delivering reliable electric service,” EREC CEO Ryan Campbell said. “After an extensive analysis of our financials, we determined that rising costs are outpacing our revenue projections. Therefore, this adjustment became imperative to continue fulfilling our mission of providing reliable and resilient energy to all our members.”
“After an extensive analysis of our financials, we determined that rising costs are outpacing our revenue projections. Therefore, this adjustment became imperative to continue fulfilling our mission of providing reliable and resilient energy to all our members,” he added. “Our not-for-profit business model prioritizes the interests of members over profits for shareholders. We exist to provide a service, not to generate profits. In other words, we are solely focused on the needs of those who use our service.”
But Campbell said the member owned cooperative expects the average member’s bill to go down by more than the monthly fee.
The decrease is because the EREC system peak usage in January 2024 (when temperatures fell into the teens). caused the next 11 months’ bills to be higher because of the cost of generation during that peak. EREC and its members will benefit from the decrease, as long as there is not another really cold period.
NorthEscambia.com graphic.
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