Greetings, member-owners of Roanoke Cooperative,
I trust this edition of The Power Pulse will find you well-informed about the latest developments at Roanoke Cooperative and Fybe, our broadband subsidiary. As we navigate the dynamic landscape of the energy and broadband sectors, I want to provide you with a comprehensive update on recent discussions regarding our cooperative's future direction.
Given the dynamic nature of our industry and the rising costs associated with delivering essential services, I want to keep you informed about the steps we've taken to ensure the continued reliability of our electricity service.
Our last rate adjustment was on October 1, 2018, and recognizing the need to manage increasing costs to serve since then, we implemented a power cost recovery in October 2023. This mechanism allowed us to pass through some costs, providing a solution while we delivered essential services and accelerated broadband deployments. These measures have been necessary in sustaining our commitment to reliable electricity service.
As we manage escalating costs and honor our pledge to ensure universal broadband availability to all member-owners by the end of 2025, we are currently reviewing the necessity for a rate adjustment that would recoup these costs. This adjustment is deemed necessary to more effectively address the growing expenses associated with delivering electricity to our member-owners and the significant investment in our broadband efforts.
Our commitment to delivering universal broadband began in 2016, and we are proud to report significant progress. Last year, in 2023, we accelerated our broadband deployments to ensure we stay on track to meet our ambitious goal of providing fiber-based broadband to all member-owners before the end of 2025. By year's end, 75% of our member-owner locations will be serviceable, underscoring our commitment to delivering reliable and high-speed internet. This strategic broadband expansion is integral to supporting future electric rate stability and offering affordable internet services specifically to our member-owners after our network established for our member-owners is complete.
As we are building out a network that would be available to our member-owners, we have been asked often about our strategy to build networks in nearby towns. We have taken this approach as it generates more income very quickly due to the higher number of services available for investments. This directly benefits our member-owners, who are the sole owners of Fybe. These expansions not only ensure the financial health of our cooperative, but also enhance our ability to provide reliable services and support discounted internet options through Fybe, our wholly owned broadband subsidiary.
Understanding the challenges associated with potential rate adjustments, we offer the following initiatives to support our member-owners:
- Levelized Billing: Remove the uncertainty associated with higher usage months.
- Upgrade 2 $ave Program: Subscribers typically save $20 per month on their electric bill, with additional benefits for urgent repairs.
- Solar Expansions: If you're considering residential solar installations, please reach out to us for information and assistance.
- Partnerships with Social Services and Community Assistance Agencies: We collaborate with help agencies to support income-qualified member-owners, particularly when usage escalates during the summer and winter months. There are currently some member-owners benefiting from $30 per month in solar credits on their electric bill due to partnerships that where the cooperative bundled those savings with weatherization assistance at community action agencies.
- Time of Day Rate Program: The average program subscriber saves $35 per month on their electric bill.
- Real-Time Usage Management: Stay informed and in control by signing up for high-usage alerts.
- Fybe Broadband Services: Fybe is wholly owned by the member-owners of Roanoke Cooperative. With this service, member-owners can access the fastest fiber optic technology, with additional benefits such as free thermostat and water control installations and cost savings by cutting the cord. Subscribing to this service not only generates personal benefits but amplifies the value of your cooperative membership.
By exploring these options and making informed choices, we can collectively work towards mitigating the impact of potential changes in the future.
In closing, I want to express my gratitude for your continued support and understanding as we navigate these challenges together. We remain committed to delivering reliable and essential services while ensuring the financial well-being of our cooperative.
Thank you for being an integral part of the Roanoke Cooperative family.
Best Regards,
Marshall Cherry
President and CEO