12/18/2018: "Cold Weather, OPALCO Raises Rates"
Pending board approval at the December 20th board meeting, OPALCO members will see a rate increase when they open their bills in January. 2019 budget includes a 5.2% revenue increase. Members bills will be on average $9.50 higher.
OPALCO states the increase is "a necessary part of providing power to our 20-island archipelago."
The increase is driven by the loan expense (capitalization) for the submarine cable replacement (George), inflation and power cost increases. The budget also includes two new Apprentice Lineworker positions to prepare for retirements on the horizon.
The 2019 budget includes a 5.2% revenue increase, which will be applied equally between the service access (facilities) charge and the energy (kWh) usage portion of member bills for a total of around $9.50 more per month (based on the average residential monthly household usage).
If paying your power bill is a financial strain, OPALCO offers a monthly credit through the Energy Assist program.
Learn more about what costs are included in the service access charge and how trade-offs are balanced at www.opalco.com/rates