Frankfort: The Kentucky Public Service Commission on Friday granted a rate adjustment to Cumberland Valley Electric.
The electric distribution cooperative will be allowed to increase annual revenue by about $968,000, or 2.43 percent. That is 60 percent of the $1.6 million increase (3.95 percent) requested by Cumberland Valley.
This is the first base rate increase granted to Cumberland Valley since 2006, and only the second since 1980. Cumberland Valley said it needed to increase rates in order to maintain financial stability, meet the requirements imposed by its lenders and cover increased operating expenses. For a typical customer, the monthly bill will increase by about 2.9 percent.