COLDWATER, MI (WTVB) – Despite an overall electric rate increase of two-point-nine percent, the director of the Coldwater Board of Public Utilities says city customers are still paying about 30% less than Consumers Energy customers.
The Coldwater City Council approved the rate increase recommendation from the CBPU Board of Directors last night. The new rates are scheduled to take effect September 1, 2024.
CBPU Director Paul Jakubczak says a Cost of Service study completed by Utility Financial Solutions in April of 2023 identified a five-year rate track.
UFS updated their projections based on the final results for Fiscal Year 2023 and the preliminary results for the first eight months of Fiscal Year 2024. At the same time, they considered revisions to the rolling five-year capital forecast. UFS thus updated their projections to reflect the rate increase.
Jakubczak said most residential customers will see an average increase of $1.50 to $2 per month.
The City Council also introduced an ordinance change that would set rates for electric vehicle charging stations, but it received pushback from some council members who questioned the rate structure. The ordinance revision will come up for a vote at the next council meeting.
Comments