Tri-State approves FERC settlement offer, reducing wholesale rates to members
Settlement advances Tri-State’s Responsible Energy Plan goal for lower wholesale power rates
In an effort to meet part of its Responsible Energy Plan, Tri-State Generation and Transmission Association, Inc. reached a settlement of its wholesale rate and contract filings made with the Federal Energy Regulatory Commission on Friday.
The Tri-State Board of Directors, which includes a representative from each of the power supply cooperative’s utility members, approved the proposed settlement of its wholesale rate and contract filings with FERC. Under the terms of the settlement, which requires FERC approval, Tri-State says it will immediately reduce its wholesale power rates 2%, followed by another 2% wholesale rate reduction in 2022.
This means people should see a 2% reduction on their bills moving forward.
The decision advances two goals identified in Tri-State’s Responsible Energy Plan, including reducing wholesale rates for its utility members and ensuring each member has a voice in Tri-State’s rate regulation by establishing FERC as its exclusive, independent wholesale rate regulator, Tri-State said following the announcement of the decision.
“Our Responsible Energy Plan makes Tri-State even more competitive for our members, with a cleaner power supply, more power supply options and lower wholesale rates,” said Tri-State CEO Duane Highley in a statement following the decision. “As we pursue ways to lower wholesale rates, all of our members across four states have had the opportunity to participate in the FERC’s rate regulation process.”
Tri-State’s proposed settlement will be filed with the FERC and, if approved, will go into effect retroactive to March 1, the energy provider said. The additional 2% wholesale rate decrease would go into effect in March 2022, and Tri-State would have a moratorium on any rate increases until May 31, 2023.
“Tri-State is deeply appreciative of the time and involvement of our members, FERC staff, and stakeholders in the settlement process,” Highley added. “As a cooperative, we are committed to continuing to work with our members to consider other rate-related issues before our next FERC rate filing.”
Previously, in 2019 and 2020 Tri-State filed with FERC its wholesale rate, wholesale electric service contracts, and board policies related to the terms for wholesale power service to its utility members.
Managing Editor Joshua Carney can be reached at 970-875-1790 or email@example.com.
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