IREA to refund customers $8.4 million in power costs

Amounts given back will vary depending on usage

Staff report
Posted 12/1/17

Many Intermountain Rural Electric Association customers will see a credit on their December electricity bills thanks to a rate refund totaling $8.4 million approved by the association's board of …

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IREA to refund customers $8.4 million in power costs

Amounts given back will vary depending on usage

Posted

Many Intermountain Rural Electric Association customers will see a credit on their December electricity bills thanks to a rate refund totaling $8.4 million approved by the association's board of directors.

The board's action passes through to customers a wholesale rate refund received by the cooperative this year. The average residential customer will see a credit of about $41, though the amount will vary depending on the energy used by customers during the first 10 months of this year.

Customers who used little energy during that time or who were not on the system then will see less or no credit; those who used more energy than average during that time will see larger credits. Commercial and industrial customers will receive credits on the same basis as residential customers.

IREA CEO Patrick Mooney said the company is on track to meet its 2017 financial targets without the wholesale rate refund, so the board of directors agreed that the cooperative's customers should receive the immediate benefit of the refund.

The one-time, $8.4 million power cost refund is separate from, and in addition to, the capital credits IREA typically refunds its customers each spring. IREA plans to issue capital credit refunds again in March 2018. The association also announced that its customers will not see a rate increase in 2018. IREA's last general rate increase was in February 2013.

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