30 Sep Rising costs, power reliability force rate increase

Posted at 08:15h in News by

In late August, TVA announced its expected rate increase effective Oct. 1 due to inflationary pressures. The same inflationary pressures necessitate an adjustment in Duck River Electric’s rates. The overall impact of TVA’s wholesale rate increase combined with DREMC’s rate adjustment equates to an approximate 7.85% increase for the average residential bill. Bill amounts will vary for members based on monthly kilowatt use and the type of account.

“The DREMC team and board have put forth great efforts over recent years to absorb the impacts of inflation while maintaining the high level of service that our members expect and deserve,” said DREMC’s Interim President and CEO Troy Crowell. “To ensure service reliability and the safety of the members and employees, a rate increase is necessary.”

The two key, unavoidable drivers behind DREMC’s rate adjustment are: (1) continued inflationary pressures that impact the cost of materials and equipment necessary to deliver safe and reliable electric service to existing and future members; (2) enhancing electric infrastructure to support the communities served by DREMC.

“We understand that any rate increase will have very real impacts on families and businesses in the communities DREMC serves,” said Crowell. “It is important to be upfront with our members so that you understand how inflation continues to affect the cost of providing service.”

Crowell adds that this is only DREMC’s second rate adjustment since 2018.

“While electric rates might change from time to time, one thing remains the same,” adds Crowell. “DREMC is acting in the best interests of our members and making sound investments to fortify electric infrastructure and ensure the lights come on when you flip a switch – today and tomorrow.”

“We will continue to look for ways to manage costs and be good stewards of the resources entrusted to us,” he said. “Every decision is made with careful consideration of how we can provide the best value to our members while fulfilling our mission of providing safe and reliable electric service at the lowest possible cost.”

Learn how available programs and services, including those listed below, can assist members with managing energy bills.

  • Members needing emergency assistance to pay their electric bills may qualify for DREMC’s bill payment assistance program, Project HELP. Click here for more information and how to apply for assistance.
  • DREMC’s Levelized Billing program defers bill increases during heating and cooling seasons to other months when bills are typically lower, giving you a more consistent billing amount year-round. Click here for more information and to apply or visit your local DREMC office.
  • DREMC partners with TVA to offer the EnergyRight program, which includes energy-saving tips, rebates and/or financing for qualifying residential efficiency upgrades and other helpful resources available to members. Visit EnergyRight.com for more information.