SEC seeks rate increase
As communicated via legal notice in newspapers, and in both paper and electronic members’ invoices, Southside Electric Cooperative (SEC) filed for a rate adjustment with the Virginia State Corporation Commission in July 2019.
The increase will generate the revenue needed to maintain the reliable and value-added electric service for SEC members. Over the last six years, the cost of doing business has continued to rise and SEC has not experienced the consumer growth to help offset those increases in costs.
This is the Cooperative’s first rate increase in six years and only the second in the last 19 years.
“This rate adjustment will give SEC the revenue needed to cover the Cooperative’s fixed costs that are associated with the operation and maintenance of our distribution facilities,” said SEC president and CEO Jeff Edwards. “In order to provide the safe, reliable electricity that members are accustomed to, periodic rate adjustments are needed to match inflation of the overall costs of providing electric service in rural Southside Virginia.”
While there might be some design changes to the monthly bill structure, these changes do not impact the overall increase. The overall impact to rates involves a 6.87 percent increase.
The average residential account (1,000 kWh) should expect to see an increase of approximately 40 cents per day for their electric service.
SEC realizes that every dollar matters, and always looks for ways to be efficient. This adjustment will help stabilize the annual revenue needed to cover the cost of service.
If approved by the Virginia State Corporation Commission, the new rate structure will take effect in January 2020.
Southside Electric Cooperative is a not-for-profit, member-owned electric cooperative that serves more than 56,000 homes and businesses in central and southern Virginia. Headquartered in Crewe, SEC has district offices in Altavista, Crewe, Dinwiddie and Powhatan. For more information, visit www.sec.coop.