COLDWATER, MI (WTVB) – The Coldwater Board of Public Utilities Board of Directors will be asked Wednesday night to approve the utility’s first increase in electric rates since April 2019.
Mark Beauchamp from Utility Financial Solutions is scheduled to discuss a proposed overall electric rate increase of two percent.
CBPU Director Jeff Budd says the current financial projections are indicating the two percent rate increase should be applied for each of the next three years.
Budd says for residential customers, the average customer will see a 2.7 percent increase which equates to roughly an increase of between two dollars and three dollars a month.
He also points out that as of this past April, the CBPU residential electric rates were about 30 percent less than Consumer’s Energy. This is before Consumer’s surcharge for peak energy use and their most recent request for an eight-point-eight percent increase to the Michigan Public Service Commission.
Due to COVID-19, Budd says they delayed increasing rates last year. The proposed rates would be effective September 1, 2021.
A complete breakdown of the proposed rates can be found in Wednesday’s CBPU Board Agenda which has been posted at www.coldwater.org.
If the board passes the rate increase resolution, it will be forwarded to the City Council for their consideration on July 12, 2021.
Comments