Rate consultants are reviewing the co-op's cost of service and rate structures, with a rate increase anticipated in January 2023. While we still await the final results of the study, Mid-Ohio Energy is taking a proactive approach to help our members prepare well in advance of electric rate increases. This article aims to inform members of the process and factors that determine your rates.
Mid-Ohio Energy's not-for-profit business model places the focus on members. We exist to provide a service to our members, not to generate a profit for shareholders. Unfortunately, this doesn't exempt us from the rising costs of goods, fuel, and other equipment necessary to provide you with reliable service.
Staff routinely examines rates to ensure reliability and long-term financial health of the cooperative. Before implementing a rate increase, your co-op’s staff and board reveiw cost of service studies and consider the effects on the membership.
As part of this process, we also consult with outside experts to provide accurate and trustworthy recommendations.
Power Systems Engineering, a firm specializing in utility rate calculation, is conducting a cost-of-service study to determine the best options for remaining financially secure while still providing members with safe, reliable, affordable electricity.
As part of the study, our 'monthly service charge' as well as kilowatt-hour charges are reviewed to see where potential changes should be made.
While the results are not yet final, preliminary findings indicate that a rate increase will be recommended, and anticipated to take effect in January 2023.
Once the study is complete, findings will be presented to the board. At that time, the board will evaluate the study and the recommendations and make decisions that keep in mind the best interests of all members of the cooperative. As further information is available, we will keep you posted in future issues of Ohio Cooperative Living, online at MidOhioEnergy.com, and via our social media channels.
We have all seen the effects inflation has brought to the price of goods and services. Fuel prices have doubled, and the cost of metals used for wire, transformers, and hardware have doubled or even more than tripled, in some cases. On top of that, lead times have greatly lengthened, and materials we need every day have become more difficult to get.
We are committed to minimizing the impact of increasing energy costs on your household. Contact us to learn how to save more energy throughout your home or to learn more about our energy efficiency initiatives and energy credit rebates. We encourage you to give us a call for any questions or concerns you have regarding energy costs.