Good news comes to those who receive electric service from Poudre Valley Rural Electric Association (PVREA). Today, the locally-owned electric co-op announces no increases to their rates for the next two years.
With serving over 45,000 homes and businesses in Boulder, Larimer, and Weld Counties, mostly made up of residential homes, the announcement of no rate increase proves the co-op’s intent to keep costs in check and manage operations efficiently.
“While our operating costs continue to increase gradually from year to year, co-op staff and the Board of Directors have actively researched and utilized methods to keep costs in check so we can hold the line on rates for our members,” PVREA President and CEO Jeff Wadsworth commented, “This will be four straight years without a rate increase.”
The co-op has deployed technologies that have increased the efficiency and effectiveness of business procedures and operations, such as the use of drone technology and sectionalizing the local electric grid, which improves outage restoration time. As a member-owned co-op, the organization also has access to low-cost capital and competitive interest rates. In 2017, they refinanced debt, which saved over $13 million for members while also maintaining healthy financial and operational ratios.
“As a local co-op, we’re not working to make profits for faraway shareholders; our goal is to operate at cost and keep rates as affordable as possible while maintaining reliability and keeping best safety practices,” Wadsworth said.
PVREA also announced earlier this year its “80 by 30” goal - a long-term process to increase carbon-free energy sources from an estimated 33 percent in 2019 to 80 percent by 2030. To help reach the goal over the next decade, PVREA will look to advancements in technologies and actively pursue carbon-free generation opportunities while also maintaining affordable rates and reliable service.