Coops in North Carolina and Virginia Plan Sharp Rate Hikes
Posted on Apr 20, 2011 in Financing, Grid & Infrastructure, Rates | Comments Off on Coops in North Carolina and Virginia Plan Sharp Rate Hikes
North Carolina-based ElectriCities Inc. and Virginia-based Rappahannock Electric Cooperative are both planning rate increases of as much as 30 percent. According to ElectriCities, rates for the 19 cities that buy power from it would increase a cumulative total of 29.2 percent over the next five years if the coop does not restructure its debt. A full debt restructuring would limit rate increases to a total of 10.9 percent over the same period but would carry certain risks. Rappahannock, on the other hand, is reportedly pointing to extreme weather conditions as a cause of its need to increase rates. Follow the links to read more about ElectriCities’ rate hike and Rappahannock’s rate hike.
