The complications of the auction process that decides how much utilities pay for power has created a problem for Southwestern Electric.
Southwestern’s Board Chairman Alan Libra told WGEL the price has gone up to more than triple what the organization had budgeted for. They have taken steps to address the issue with the Federal Energy Regulatory Commission. Libra told us Southwestern is in good enough financial shape that the matter won’t result in a rate increase for customers. Their main concern is addressing the issue that created the problem in the first place so that it doesn’t continue to happen going forward.
Click below to hear Libra talk with WGEL about the issue:
Libra said the good news is that there is no rate increase now for Southwestern Electric customers, but this will be a big topic at the annual Southwestern Annual meeting in September.