Corridor Energy Cooperative has retained a consulting firm to perform a study of our retail rates. The rate study will look at cooperative revenue requirement, cost of service for each rate class, and design of electric rates. The study currently underway is due to the cooperative’s financial performance and growth.
Our last rate change was implemented in 2019. Factors that have changed since the last cost of service and rate study include:
- Corridor Energy Cooperative continues substation upgrades due to our transmission supplier switching from 34.5 KV to 69 KV. We have completed 10 of the 17 required substation upgrades.
- Our growing membership. Corridor Energy Cooperative has 7.6% more members than in 2019. This growth means more resources are needed to serve our members. These resources include new substations, equipment, staffing, and construction of underground lines.
- Advanced metering data is available to better understand the impacts that each member class has on our system. It also offers the ability to design rates that can save the membership money.
- Member usage patterns are continuing to change.
Our power supplier, Central Iowa Power Cooperative (CIPCO), is changing its rate structure due to the changing power market.
Until the rate study is completed, there is no way to know the extent of any future change. However, information related to any rate changes can be seen over the upcoming months here and in this newsletter.