I hope this edition of Power Pulse finds you in good health and high spirits. As always, this resource is a voice provided to our member-owners with timely and relevant updates.
As we move forward, it's crucial to address the rising costs we've encountered since our last rate adjustment published in November 2018. Factors such as increasing wholesale power costs, primarily due to costs absorbed to maintain power plants and transmission lines delivering electricity to our system, and inflation impacts are imposing financial pressures for our cooperative. To ensure we continue providing reliable service, we've implemented a Wholesale Power Cost Adjustment (WPCA).
In the past, there have been occasions where this adjustment was passed through as a credit. However, given the current circumstances, we must now recover these rising costs across all rate classes. While the WPCA is not an increase on the current base rates for service, it does represent additional costs absorbed by the cooperative, which are being passed through to our member-owners.
Rising costs will necessitate an actual rate adjustment among all rate classes in the near future. This measure is essential to ensure we recover costs effectively and maintain the stability of our cooperative. As we are facing rising costs, we are leveraging the work that our broadband subsidiary, Fybe, will be delivering benefits, mentioned below, to our member-owners in managing electricity costs.
Also, I'd like to reiterate our commitment to completing the buildout among member-owners by 2025. This past year and the next two years will be very critical for this buildout. We are committing resources to ensure we can meet this timeline bringing universal access to all member-owners. This endeavor remains a cornerstone of our cooperative's mission and vision.
In the true spirit of cooperation, I'd like to offer some ways we can collectively manage the impact of these rising costs by finding ways to save within our overall household budgets:
1. Upgrade 2 $ave Program:
a. Subscribers typically save $20 per month on their electric bill.
2. Time of Day Rate Program:
a. The average program subscriber saves $32 per month on their electric bill.
3. Real-Time Usage Management:
a. Sign up for high-usage alerts to stay informed and in control.
4. Fybe Broadband Services:
a. Fybe leverages 100% fiber optic technology, providing a reliable and essential service backed by us, Roanoke Cooperative.
b. By June 2024, 9,000 of our member-owners will have access to this service, and we aim to extend it to as many households as possible.
c. Fybe offers the fastest fiber optic technology available, with packages tailored to meet household and business needs.
d. Additionally, Fybe provides VOIP telephone services.
e. Subscribers can qualify for free thermostat and water control installations, resulting in $10 to $12 per month in energy savings.
f. Fybe also participates in the Affordable Connectivity Program, providing support to income-qualified households.
g. For those subscribing to Fybe, we encourage you to "cut the cord," a move that can lead to significant household savings in television programming costs, often up to $75.
5. Electric Vehicle Benefits:
a. New electric vehicle owners can enjoy significant savings, with potential monthly savings of up to $175 compared to conventional fuel costs. Contact us for details.
6. Exploring Solar Options:
a. If you're considering solar, please reach out to us for information and assistance.
By exploring these options and making informed choices, we can work together to mitigate the impact of rising costs. Your support and participation are invaluable in sustaining the strength and resilience of our cooperative.
Thank you for being a vital part of our cooperative community.
Sincerely,
Marshall Cherry
President and CEO