Holy Cross Energy announces small rate increase
New rates align with 'actual costs of service'
Holy Cross Energy has announced proposed changes to its rates and tariffs that will take effect in September. The Glenwood Springs-based electric cooperative serves almost all of Eagle County.
The Holy Cross Energy Board of Directors adopted a multi-year rate strategy to better align revenue costs. The utility claims the new rates will “create a more equitable cost allocation” for all members of the energy cooperative.
“In order to maintain sufficient revenue to perform our vital functions now and in the future, we need to better align our rates with our actual costs of electric service,” Holy Cross President and CEO Bryan Hannegan wrote in a letter to members.
The updated rate structure lowers the cost of energy for members while adding a delivery charge. The Holy Cross statement reads that the move will increase flexibility to make it easier to manage costs through electrification and behavior changes.
“By carefully managing our costs and avoiding the use of volatile and higher-cost fossil fuels, we can keep our rate increase far below what you are experiencing in other parts of your monthly budget. On average, our rates will only increase by 2% in September,” Hannegan wrote.
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Even with the changes, Holy Cross officials say rates will continue to be in the lower third of all Colorado utility bills. In anticipation of these changes, Holy Cross is encouraging its members to begin to change how and when they use electricity.
With the new rate design, members will save money by decreasing their use from 4 to 9 p.m., the time of highest demand for energy on the electric grid in HCE territory.
Members may also enroll in the Peak Time Payback, a program that provides members with a bill credit for reducing their electric usage during blocks of time when the forecast for electricity demand will be higher than usual. The program has saved Holy Cross and its members over $500,000.
For more information on the rate changes, and to submit comments regarding the changes to the Holy Cross Energy Board of Directors, go to HolyCross.com/rates.