Waverly utility tries to quell rising rates
(Source: Waterloo Courier) By Kristin Guess, Waterloo-Cedar Falls Courier, IowaJune 16--WAVERLY, Iowa -- Waverly Light and Power's board of trustees hopes to organize a plan to fight rising electrical costs while stabilizing rates.
The municipal utility company in November approved an increase for electricity, which began Jan. 1. As a result, officials expect annual revenues to rise by about $371,000.
In February, officials announced they would keep rates the same in 2012 and 2013 despite pressures in the economic climate.
The cost to produce and transmit power and to buy power from other sources as needed continues to rise. In fact, the Iowa Association of Municipal Utilities predicts prices will increase more than 50 percent in the next seven years, according to Waverly Light and Power's website.
"Projections showed that we were increasing (rates) higher than our peer groups. That was the reason for determining the new strategy of two years," board Chairman Gene Drape said.
Johnson also reiterated the company must meet customers' needs.
"We feel like if we don't make some strategic changes that the value cycle of what we provide to our customers could be broken," she said.
Bill Withers facilitated a brainstorming session Wednesday during a strategic planning session in the Saemann Student Center at Wartburg College.
Participants broke into pairs to prioritize issues, including maintaining customer loyalty and financial solvency; improving safety; reducing carbon dioxide; stabilizing rates and ensuring reliability.
Within the next few months, board members will put together a plan of action to enhance steps already taken.
In January the company entered a maintenance-only period, and operating decisions are based on projects' level of urgency.
Noncritical system updates are being postponed, and capital projects are on hold.
The utility company serves more than 4,600 customers in and around Waverly.
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