Why are rates going up?

Costs are going up and with that our rates need to go up. Every expense is carefully considered each year to ensure we are making best use of member resources. The main reason rates are going up are inflation, the rising costs of power and labor, and to manage the Co-op’s equity position. As a nonprofit electric cooperative, we use equity to borrow federal funds to build essential capital projects, like the multiple submarine cable replacements that are scheduled over the next 10-20 years. Rate increases are predicted for the next five years.