Vermont Public Utility Commission Approves 8.76% Rate Increase for Vermont Electric Cooperative Inc.

Strategic Insights -

The Vermont Public Utility Commission has approved a 8.76% rate increase for Vermont Electric Cooperative Inc., effective January 1, 2024. As part of the order, the Commission required Vermont Electric Cooperative Inc. to file compliance tariffs reflecting the approved rate increase and a plan for refunding to customers all revenue collected in excess of the approved rate increase since January 1, 2024. The refund plan includes a proposal to donate refunds for inactive accounts with less than $5 to the VEC Community Fund, a non-profit community group that supports community development.

Key Takeaways:

  • The Vermont Public Utility Commission has approved an 8.76% rate increase for Vermont Electric Cooperative Inc. effective January 1, 2024.
  • The Commission has directed Vermont Electric Cooperative Inc. to file compliance tariffs reflecting the approved rate increase and a plan for refunding to customers all revenue collected in excess of the approved rate increase since January 1, 2024.
  • Vermont Electric Cooperative Inc. proposes to donate refunds for inactive accounts with less than $5 to the VEC Community Fund, a non-profit community group that supports community development.
  • The VEC Community Fund received the amount to be donated, but the specific amount is not stated in the order.
  • The revised proposed refund plan includes mailing checks to 1,038 inactive accounts and attempting to contact inactive members by email.
  • Vermont Electric Cooperative Inc. will donate refund amounts to the VEC Community Fund if it is unable to successfully refund a member the monies due because it does not have a current mailing address.
  • The proposed revised refund plan was supported by the Vermont Department of Public Service, which found the plan to be consistent with the Commission's July 31 Order.

Statistics:

  • Rate increase: 8.76% (effective January 1, 2024)
  • Number of inactive accounts that will receive refunds by mail: 1,038
  • Number of inactive accounts with less than $5 that will be donated to the VEC Community Fund: 1,038
  • The amount of refunds collected in excess of the approved rate increase since January 1, 2024: Not stated
  • The specific amount to be donated to the VEC Community Fund: Not stated

Sources:

  • Vermont Public Utility Commission, Case No. 23-3943-TF, July 31, 2024
  • Vermont Public Utility Commission, Order Approving Compliance Tariffs and Refund Plan, August 19, 2024
  • Vermont Electric Cooperative Inc. filing, August 5, 2024
  • Vermont Electric Cooperative Inc. filing, August 26, 2024
  • Vermont Department of Public Service, Comments on Proposed Refund Plan, August 26, 2024
  • Vermont Department of Public Service, Comments on Revised Proposed Refund Plan, August 28, 2024