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Owen Electric wins approval for rate increase

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By The Staff

The Kentucky Public Service Commission (PSC) recently approved a request by Owen Electric Cooperative to pass along to its members a rate increase from its wholesale power provider East Kentucky Power Cooperative.

The rate increase is effective April 1.

The decision will increase the average monthly residential power bill by about $7, which is about 7 percent.

“We understand our members are facing rising costs, so Owen Electric is doing all it can to hold costs down while providing reliable, affordable power to our members,” said Mark Stallons, president and CEO.

EKPC sought the rate increase in order to recover the costs associated with a new $528 million generating unit and to ensure that the cooperative continues to meet its financial obligations.

The new power plant is needed to meet increasing demand for power among the members of Kentucky’s cooperatives.

Owen Electric and EKPC are both not-for-profit, member-owned cooperatives based in Kentucky. The rates of both cooperatives are regulated by the PSC, a government agency that oversees utilities in Kentucky.

“Owen Electric offers a number of programs to help our members manage their power usage and their monthly bill,” said Stallons.

For example, Owen Electric offers levelized, budget billing, which helps to smooth out the month-to-month variability of power costs.

The cooperative also offers energy audits. Owen Electric’s professional energy advisor visits members’ homes, analyzes their power usage and offers tips for improving efficiency and increasing savings.

Owen Electric also offers SimpleSavings information bulletins, which provide step-by-step instructions for some easy, affordable projects that can substantially improve efficiency.

Touchstone Energy Living programs also serve to increase efficiency and comfort.