Electric rates set to rise again after decade-long freeze

During a recent government meeting, the Board discussed the upcoming implementation of a 2.5% increase in electric rates, originally approved in December. This increase is set to take effect in October, with billing starting in November. The last adjustment to electric rates occurred in 2013, marking a significant gap of ten years without a rate hike.

The rationale behind the increase includes rising operational costs and salaries, necessitating the adjustment to maintain service levels. The Board emphasized the importance of notifying customers in advance, allowing them to adjust their consumption patterns before the new rates are applied.

While the initial 2.5% increase was incorporated into the budget for January 2024, the October increase was not automatically included, meaning it will generate additional revenue beyond what was previously planned. The Board is expected to formally approve the policies related to this rate increase in the upcoming sessions.