Northeast Oklahoma Electric Cooperative (NOEC or REC) has filed an application for a revenue increase with the Oklahoma Corporation Commission (OCC). REC is requesting the Commission grant its authority to adjust the base rates to adjust its base revenues in the amount of $4,298,544.
REC is asking for an average of 7.95 percent increase for its' members. For an average household, that would mean an additional $8.38 per month.
“The increased cost of fuel, materials, products and goods affects the Cooperative just the same as it has affected the residents of our community,” said Clint Branham, REC.
According to the Cooperative
“A revenue adjustment is expected to ensure the financial stability of the cooperative going forward, as well as maintain the quality and reliability of electrical service for its members. The adjustment will also help the co-op achieve better equity between rate classes.”
“There is never a good time to raise rates. No one looks forward to higher utility bills, but the Cooperative must ask for the increase to maintain the quality level that it is currently at,” Branham said.
The increase for usage will be in REC customers' January 2011 billing.
The OCC could approve some, all or none of the application.
“The commission will decide based upon their own comprehensive review.
"They will take everything into consideration,” said Branham. “The Commission is there to protect the consumer, and will examine the application very closely,” he added.
A public hearing on the revenue increase before an Administrative Law Judge will begin on December 2 at 10 a.m. in Oklahoma City and continue each business day until the record is closed.