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East River Average Wholesale Rates Go Down in 2020, Forecasted to Fall Again in 2021
For a third straight year, East River Electric’s average power rate went down compared to the prior year.
“We’re proud of the fact that we’ve kept rates stable for years, and we are actually going to see our average budgeted rate go down in 2021 compared to 2020,” said East River Electric CEO/General Manager Tom Boyko. “We continue to fulfill our mission of enhancing the value of our members by passing these savings onto them.”
East River Electric is seeing rates go down even while investing in the transmission system over the past several years. Since 2011, East River and its member cooperatives have invested about $250 million in transmission poles and lines, substation equipment and other infrastructure projects to bring power to its members. Over the past 20 years, East River Electric’s total peak energy usage has doubled.
“We’ve been fortunate to see an immense amount of business growth in our region over the past two decades in manufacturing, new homes, ethanol and many small to midsized businesses,” Boyko said. “Serving those businesses with electricity takes investment but we’re proud of the fact that even with increased investment we’re able to keep wholesale electric rates stable and even go down for the past three years.”