Most IREA customers will see rate refunds on their December bills.
IREA has received a one-time wholesale power cost refund and is passing on the full amount of that refund – $8.4 million – to consumers in the form of a bill credit.
The financial condition of the association is strong and consistent with our business plan even without the power cost refund; therefore, IREA’s board of directors concluded that the refund should be passed directly to customers.
Individual credits to customers’ monthly bills are based on the amount of energy used this year through Oct. 31 relative to the total amount of energy sold by IREA during that time. Residential customers, on average, will receive a credit on their monthly bill of approximately $41. 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.
This one-time refund is separate from, and in addition to, the capital credit refunds IREA typically issues to its customers each spring. IREA plans to again issue capital credit refunds to customers this coming March.
In addition to the rate refund, IREA is happy to announce that customers will not see a rate increase in 2018. IREA has not had a general rate increase since February 2013.
As 2017 draws to a close, the board of directors and employees of Intermountain Rural Electric Association wish all of our customers a joyful and safe holiday season and happy New Year.