CU power rates to drop

By TIM SINIARD
Posted 3/23/20

Cleveland Utilities announced Friday retail electric rates will decrease next month.It will be the third month in a row CU customers have received power rate decreases on their electric bills.The …

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CU power rates to drop

Posted
Cleveland Utilities announced Friday retail electric rates will decrease next month.

It will be the third month in a row CU customers have received power rate decreases on their electric bills.

The rate change was driven by the Tennessee Valley Authority’s fuel cost adjustment, according to CU Vice President and CFO Marshall Stinnett. 

“During the month of April, we will see a rate decrease of 4.77% over the month of March,” he said.

During February, Stinnett said the cost of purchased power as a percentage of retail sales was 73.9%, compared to a budgeted percentage of 77.5%.

Electric sales revenue was $8 million, which was offset by $6 million in purchased power.

Operating expenses for the month were $1.7 million, compared to $1.8 million budgeted for the month.

The electric division serviced almost 32,000 customers in February, Stinnett said, resulting in $599,959 in net income.

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