City Council Approves Electric Utility Rate Adjustments
The City of Mount Dora Council approved Electric Rate Adjustments during Thursday’s City Council Meeting.
The rate adjustments will be effective starting October 1, 2018 and are based on recommendations from Leidos Engineering, LLC which performed a detailed rate study for Fiscal Year 2018-19. The rate adjustments will provide adequate revenue for the Mount Dora Electric Utility during the budget year.
The rate adjustments will increase base rate revenues by approximately $290,000 while reducing Power Cost Charge revenues by approximately $564,000. The net impact of the rate adjustments will be to lower the monthly bills for the City’s electric customers. The overall decreases for residential customers will range from .5% to 2.7%. For a typical residential customer using 1,000 kWh, the monthly bill would be $113.67, which is lower by approximately $2.55, or 2.2%. General Service customers would receive similar decreases, ranging from approximately 2% to 4% for typical usage levels.
“I am pleased that the recommendations from the Electric Rate Study results in lower electric bills for the City’s customers. It is important to update our electric rates periodically to insure that they will produce sufficient revenues to cover electric utility costs. Another benefit is that the new electric rates will enable Mount Dora to remain competitive with the surrounding electric utilities,” said Electric Utilities Director Charles Revell.
The City’s electric rates, with the adopted rate adjustments, are expected to remain competitive with the residential rates of other Florida utilities. With these new rates, the electric bills for the City’s electric customers will be lower than Duke Energy and SECO. Overall, the City’s residential electric bill with the rate adjustments will be lower than 18 of the Florida utilities.
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