FRANKFORT, Ky. (AP) – The Public Service Commission has granted a rate increase to an electric cooperative in central Kentucky.
A statement from the commission says the rate hike for Inter-County Energy Cooperative Corp. customers took effect Jan. 25. Typical residential customers will see their bills increase by 8.3 percent or about $8.99 per month. The rate hike includes a $6.23 increase in the monthly customer charge.
The amount approved by the commission was slightly smaller than the cooperative requested. The commission agreed that additional revenue was needed maintain the utility’s financial health, but didn’t allow what it termed excessive retirement and health benefits.
The change means an annual revenue increase of about $3 million, yielding total annual revenue of about $46.3 million.
Inter-County Energy has about 26,245 customers in 12 central Kentucky counties.