Residential electricity rate may increase
Tuesday night the Wake Forest Town Board heard from Stephanie Beauregard, Manager of Financial Services with Booth & Associates, a firm which provides cost of service, rate study updates and other electric services. She recommended Wake Forest raise its residential cost of service by 2 percent in 2021 and 4.6 percent in 2023. The increases are needed to ensure the town-owned electric system, Wake Forest Power, will have an adequate cash reserve for 90 to 180 days in the event of natural or manmade disaster or other destabilizing event and also to cover the cost of providing the service. Chief Financial Officer Aileen Staples said Wednesday, “We will not present a recommendation to adjust rates until March 2021 or perhaps in conjunction with the FY 2021 -2022 Budget.” Also, small commercial customers would receive a decrease in their rate structure. Currently, the basic customer charge for residential single-phase service, which is most residences, is $15.95