Dakota Valley Electric Cooperative announced it will not increase farm and residential electric rates this year, said Arden Fuher, Edgeley, board president.
“With sharp increases in propane and fuel oil prices making headlines, we want to reassure our member-owners that there will be no increases in Dakota Valley’s farm and residential electric rates this year,” he said.
The cooperative’s 9.75-cent per kilowatt-hour (kWh) rate for single-phase farm and residential customers has remained unchanged since Jan. 1, 2018.
“Rate stability remains a key goal for Dakota Valley Electric and its generation and transmission partners, Basin Electric Power Cooperative and Central Power Electric Cooperative,” Fuher said.
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After budget review and study of upcoming issues facing the electric utility industry, DVEC’s board of directors determined there will be no change in the cooperative’s single-phase electric rates for 2022, Fuher said.
Similarly, no rates increases are scheduled for the cooperative’s three-phase farm, commercial or industrial customers, other than those outlined in previously agreed upon contracts for service.
“Dakota Valley remains committed to keeping rates as low as possible for its members,” Fuher said, adding that DVEC has a strong financial position and reserves that can be tapped to cover unforeseen circumstances or damage caused by a major weather event.
“In these times of price instability, we are pleased to again be able to hold the line on electric rates,” he said.
