Looking ahead in 2024...
At Wayne-White Counties Electric Cooperative, we know our members put a lot of trust in us to be responsible with their money. That trust is front of mind every time we purchase new equipment or invest in upgrades for the electric system. Is this necessary to our mission of providing affordable and reliable service? How will this help us to serve members better?
As a result, members can trust that the money they put into their cooperative comes back to them as quality electric service. You can also trust that when we are forced to adjust costs and rates, we will only do so with a good reason.
Although it was announced at our 2023 Annual Meeting we did not expect a rate increase in 2024, unforeseen power cost increases have risen more than we can continue to absorb. As was described at the Annual Meeting, material costs have increased drastically and continue to stay at elevated levels. When we set the level of the rate increase in 2023, we expected a 4% cost increase from our power supplier, Hoosier Energy. Throughout 2023 we actually saw an 8% cost increase from Hoosier due to increased cost in coal and natural gas prices.
As a result of these higher costs, we will have to implement a 3.5% rate increase across all charges: facility, energy, and demand charges. This will begin with April 2024 usage to be billed in May 2024. For example, a $200 bill would see an approximate $7 increase.
We encourage all of our members to be mindful of the ways they use electricity on a daily basis and how they can save money around the house. If you need some ideas to get you started, visit our Energy Solutions section on our website or follow us on Facebook.
Although we do not see any relief in higher prices in the near future, rest assured that management and the Board of Directors are committed to only raising rates when necessary to keep the Cooperative financially stable.
And remember, Wayne-White Counties Electric Cooperative will always keep reliability and affordability at the forefront of all we do.