GREEVILLE, Pitt County - Greenville Utilities Commission will use a relatively new policy to lower electric rates for customers.
The new rates will go into effect Saturday.
So far, the average residential customer's bill will decrease by about $4 per month which is $48 per year. This is the third GUC rate decrease in two years. When taking into account all three decreases, the average GUC customer's cumulative savings will be almost $500 for the three-year period.
The Purchased Power Adjustment Clause was adopted by the GUC Board of Commissioners in 2015 and is similar to one used for natural gas, which allows for adjustments based on the price of the commodity.
For the first time since the Clause was adopted, the wholesale price of electricity that GUC buys will decrease. GUC's CEO/General Manager Tony Cannon says he will use the Clause to pass along all of the savings to our customers right away.
"Normally, we use the budget process to adjust rates to become effective at the start of our Fiscal Year, which begins July 1," Cannon said in a press release. "Having this relatively new policy in place allows us to pass along all of the wholesale rate reduction to our customers as soon as we get the lower price, instead of waiting three months for the new budget year to begin. We're very excited about being able to help our customers immediately."
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