Craighead Electric Cooperative proposes new rate changes
CRAIGHEAD COUNTY, Ark. (KAIT) – After a slew of hardships, a Region 8 electric company is looking toward a new solution that may impact you.
On Tuesday, June 24, the Craighead Electric Cooperative Corporation announced a proposal to change the current electric rates for its customers. The rates have not been changed since May 2010.
In a news release, officials cited increased operating costs and plant growth due to “increased electricity sales and inflation at large” as some of the reasons for making the proposal.
“As CECC operates as a not-for-profit cooperative, we must generate operating margins to cover capital credit retirements to members, operating costs, and principal on long-term debt while maintaining sufficient equity,” they said.
Through a review of a cost-of-service study, the CECC Board of Directors voted to adjust the rate by 9.3% to increase revenue. Officials note this does not include Empower, which is separate from CECC and did not influence the decision to propose new rates.
The news release states the CECC will submit the request to the Arkansas Public Service Commission in July. If approved, it would go into effect on Oct. 1. The rate change would apply to residential, commercial, and lighting classes.
Copyright 2022 KAIT. All rights reserved.