Southern Indiana Power and our power supplier, Hoosier Energy, have worked hard over the past several years to minimize volatility in your power costs. In addition, Southern Indiana Power has taken steps to improve efficiencies and control costs associated with delivering electricity to your homes and businesses. This is evident by Southern Indiana Power’s last rate increase in October 2014.
In fact, here we are nearly four years later, and unlike our neighboring utilities that have had or are seeking rate increases, Southern Indiana Power is prepared to pass on a modest rate decrease. With the July tracker DECREASE, the monthly bill for a customer using 1,000 kilowatt-hours will be about $1 lower than current charges. While this slight decrease might go unnoticed by most members, Southern Indiana Power is pleased to have been able to maintain and even decrease rates over the past four years.
Energy costs overall have remained steady over the past several years, and some market forces are attributing to that causing our most recent rate forecast to remain fairly level. Electricity remains a great value when compared to other forms of energy.
Factors stabilizing energy costs
Let’s review a few factors affecting energy costs in Indiana and across the country.
- Slow growth: Economic growth in the U.S. and overseas has been slow which basically stabilizes the demand for energy.
- Lower fuel cost: Costs for fuels used to generate electricity, including natural gas and coal, have decreased, and forecasts suggest fuel costs will remain stable for the next few years.
- Decreasing regulations: The EPA’s Clean Power Plan stay by the United States Supreme Court has given power producers a breather from burdensome regulations.
- Stable wholesale market: Prices in the wholesale power market have stabilized in recent years, and commodity futures continue to look flat.
If you have any questions, please contact us at 800-323-2316. As always, the mission of Southern Indiana Power is to provide safe, reliable and affordable power while improving the quality of life of our members.