The state Public Service Commission has approved a rate increase for Clark Energy that will raise the average residential customer's bill by more than 10 percent.
Under the new rates, residential customers using 1,000 kilowatt hours monthly will see their bills rise by $10.36, going from $97.44 to $107.80, according to a PSC news release. That's an increase of 10.6 percent. Clark Energy had sought an increase of 11.4 percent for the typical residential customer.
The bulk of the increase comes in changes to Clark Energy's monthly residential customer charge. The charge, which represents the utility's fixed costs and does not vary based on usage, had been $5.84. It will now be $12. The usage charge, which had been 9.16 cents per kilowatt-hour, will rise to 9.58 cents.
In total, Clark Energy will increase its annual revenue by $3.9 million, or about 9.2 percent.
Clark Energy, which buys power from East Kentucky Power Cooperative and is one of EKPC's 16 member co-ops, serves 26,170 homes and businesses in Bath, Bourbon, Clark, Estill, Fayette, Madison, Menifee, Montgomery, Morgan, Powell and Rowan counties. This is the utility's first general rate increase since 1992, according to a PSC news release.