24 years is a long time
When the Town of Wake Forest agreed to sell its share of Duke Progress Energy power plants last year and shed $1,890,000 in debt, many Wake Forest Power customers also heard the cost of energy could be 9 percent lower going forward and thought their individual bills could be lowered by that amount or more. They and the Wake Forest Town Board were surprised to hear in June that the majority of the town’s residential power department customers will see only a small decrease, about 1 percent, if the consultant’s recommendations for power rates are approved by the five commissioners. The reason: 24 years. As Wake Forest Finance Director Aileen Staples has been explaining, the last time the town did a rate study and set the rates was 1992, long before the explosive growth since 2000. It would be 1997 before the town topped 10,000 souls and 2004 before there