Golden Valley Electric Association Rate Adjustments

FAIRBANKS, Alaska (KTVF) - Members of Golden Valley Electric Association (GVEA) will see a decrease in the rate they’re being charged for power on Thursday, December 1.

GVEA announced the Fuel and Purchased Power Rate charged to customers has gone down from 12.7 cents per kilowatt hour to 9.2 cents per kilowatt hour. This decrease will be in effect through February 28, 2023. This drop, according to the utility, is caused by oil prices being lower than projected, and the availability of more hydropower from the Bradley Lake Hydroelectric Project.

Meanwhile, the Utility charge will increase on January 1, 2023 from 12.7 cents to 12.9 cents per kilowatt hour. GVEA states the Utility charge covers operational costs for power plants, substations, interest on loans, depreciation, power poles, transformers and maintenance costs.

Overall, members’ are expected to save approximately $19 dollars and 72 cents on their monthly electric bill, based on an average usage of 600 kWh per month, starting January 1, 2023.

This comes as many members’ bills are likely to undergo the typical winter increases from extra electric usage due to the long winter nights and plugging in vehicles.

For information on energy saving tips visit GVEA’s website.

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