IREA to refund customers $8.4 million
Information provided by IREA
Intermountain Rural Electric Association’s (IREA) board of directors has approved a rate refund totaling $8.4 million that appeared as credits on most customers’ electricity bills in December. 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 approximately $41, though the amount of the credit will vary depending upon the amount of energy any given customer used during the first 10 months of this year. Customers who used very 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.
The association also is pleased to announce that customers will not see a rate increase in 2018. IREA’s last general rate increase was in February 2013.
IREA is happy to provide additional info regarding the one-time rate fund, capital credits, general rates and any other topics regarding its work as a nonprofit, member-owned electric utility. Feel free to contact Josh Liss, IREA Corporate Affairs Manager, at 720-733-5543 or firstname.lastname@example.org if you would like more information.