Farmers Rural Electric Cooperative Corporation (“Farmers”) intends to propose a general adjustment of its existing rates by filing an application with the Kentucky Public Service Commission (“KPSC”) on or after June 14, 2023 in Case No. 2023-00158. The application will request that the proposed rates become effective on or after July 14, 2023.
For complete information about the filing, visit the Kentucky Public Service Commission website here.
- How much will the rate increase be?
- If approved by the Kentucky Public Service Commission (PSC), the proposal by Farmers RECC will increase residential member rates by about $8.30 or 5.93 percent to the monthly bill of the average residential member.
- When will the increase take effect?
- Farmers RECC expects the rate adjustment to begin to impact member bills in the fall.
- When was Farmers RECC’s last increase?
- If approved, this will mark Farmers RECC’s first increase in base rates since 2017.
- Why are rates increasing?
- Farmers RECC needs to increase rates to maintain reliable service and financial strength. In recent years, operating costs have weathered increasing upward inflationary pressure on everything we need to provide electricity for our members; from transformers to bucket trucks. For example, our costs to build a new service to an average residential member has increased nearly 60% since 2017, while costs for other goods, including household staples like milk, gasoline and eggs have increased up to 145% in that time frame.
- Farmers RECC has minimized increases by managing controllable costs and implementing a number of cost-saving measures, strategic planning efforts and increased productivity.
- How can I minimize the impact of the increase for my home?
- Farmers RECC offers a number of options to help members manage their power bill. Some of those services include automatic payment options, prepay service, budget billing, energy evaluations and energy efficiency programs.