Poudre Valley REA (PVREA) Board of Directors approved a rate decrease for all members on April 27, 2021. The average decrease of 1.4 percent equals an annual cost savings of $1.8 million to all PVREA members.
Beginning on their June bill, PVREA members will see the rate decrease as a power cost adjustment line item.
According to PVREA President & CEO Jeff Wadsworth, "Thanks to our continued focus on affordability, combined with a rate reduction from our cooperative wholesale power provider, Tri-State, we are able to implement this meaningful rate reduction."
PVREA already has the lowest average residential rate among electric cooperatives in Colorado. "This decrease solidifies our commitment to affordability, which is even more important during a time when prices are rising all around us," said Wadsworth.
This decrease will impact all members of PVREA. "We know every dollar counts and hope this will be an economic stimulus to the communities we serve," Wadsworth added. "Our recent rate decrease is an example of how we are continually delivering more to our members, like the families, ranches, businesses, schools, and towns who are the heartbeat of our Northern Colorado communities."
With this rate decrease, PVREA members will pay less for their electricity than they did in 2017.
"As we move to conserve natural resources in the future, our reliability and affordability will continue to be on the forefront of what we do. And through board direction, we see a future of stable rates along with the potential for another rate decrease as we plan out 2022 and beyond," Wadsworth concluded.