PAULDING — Customers of Paulding-Putnam Electric Cooperative will see electric rate rise by around four percent beginning next month.
The coop’s board of trustees approved several rate revisions for members at its Feb. 13 meeting.
“The board approved a revision to the residential rates that will increase rates approximately four percent for all residential members,” Paulding-Putnam CEO/GM George Carter said in a statement. ”The average residential member will see their electric bill increase about $6 per month, which will include both a change to the monthly service charge and the distribution energy charge.”
The generation and transmission portion of the electrical billing will not be affected, according to Carter.
Board of Trustees President John Saxton stated that the two main factors behind the increase are improving infrastructure and rising costs.
“First, the cooperative is committed to improving reliability and service to members. Our investment in the poles, wires, transformers and other infrastructure must continue to meet member needs,” he explained. “Second, our power costs continue to increase. In 2013 alone, we saw an additional two percent increase from our suppliers.”
Over the last five years, Paulding-Putnam Electric Cooperative has invested over $29 million into infrastructure needed to serve the members. Carter noted in a press release that plans are already underway for the next construction cycle. He said that an additional $20 million is planned for investment in the next four years.
The increase will be on residential rates as well as other service rates.