{"id":34391,"date":"2021-12-09T07:34:00","date_gmt":"2021-12-09T12:34:00","guid":{"rendered":"https:\/\/www.westbendnews.net\/autonews\/?p=34391"},"modified":"2021-12-07T09:37:33","modified_gmt":"2021-12-07T14:37:33","slug":"paulding-putnam-electric-board-approves-2022-budget","status":"publish","type":"post","link":"https:\/\/www.westbendnews.net\/autonews\/paulding-putnam-electric-board-approves-2022-budget\/","title":{"rendered":"Paulding Putnam Electric Board Approves 2022 Budget"},"content":{"rendered":"\n
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Paulding Putnam Electric Cooperative\u2019s Board of Trustees approved the 2022 operating and capital budget at the meeting held on November 10, 2021. Total operating revenues were budgeted at $45.7 million, and capital improvements were $7.5 million. About $2.3 million in capital credits retirements were also approved, which current and former members will see in December.<\/p>\n\n\n\n

The budget includes a slight increase to the monthly residential service charge. Effective January 1, 2022, the service charge will be $35 (previously $32.95). This is PPEC\u2019s first increase since 2018 and represents an increase of 1.2% on the average residential member.<\/p>\n\n\n\n

\u201cIt\u2019s always a difficult decision to increase rates; however, due to increasing costs to provide member service, it was necessary to increase our monthly service charge,\u201d said PPEC CEO and President George Carter. \u201cThis is our first rate increase in four years, and costs have significantly increased over that time \u2013 especially due to the pandemic.\u201d<\/p>\n\n\n\n

Carter stated that wholesale power costs are the co-op\u2019s largest expenses \u2013 and they continue to increase. These are the costs associated with power generation and transmission of electricity to PPEC\u2019s local substations. These cost increases are a \u201cpass-through\u201d expense and are recovered in the Wholesale Power Cost Adjustment (WPCA) on member bills.<\/p>\n\n\n\n

As always, keeping the lights on at an affordable rate is the cooperative\u2019s top priority; however, the cost of keeping the system up-to-date is expensive. Highlights from the new capital budget include:<\/p>\n\n\n\n

\u2022 Rebuilding over twenty miles of old copper line<\/p>\n\n\n\n

\u2022 Improvements to both Convoy and Columbus Grove substations<\/p>\n\n\n\n

\u2022 Extensive underground line extensions into the expanding subdivisions in New Haven, Indiana<\/p>\n\n\n\n

\u2022 Testing 4,800 poles in Paulding County<\/p>\n\n\n\n

\u201cThe accounting department does an outstanding job of putting together the annual budgets, and our management team is very diligent in following those budgets,\u201d said PPEC Board Chairman John Saxton. \u201cThe Board understands that members are sensitive to rate increases, but overall, the cooperative is financially strong and a 1% rate increase in 4 years shows that fiscal responsibility.\u201d<\/p>\n\n\n\n

As a not-for-profit, member-owned utility, PPEC returns excess funds back to members in the form of capital credits. Also approved during the board meeting was a $2.3 million retirement of capital credits (representing each member\u2019s equity in the co-op) back to PPEC members, based on their past electric usage. Eligible current members will see a credit on their December bills; former members will receive a check.<\/p>\n\n\n\n

Please call PPEC at 800-686-2357 for more information or visit the co-op website at www.PPEC.coop.<\/p>\n","protected":false},"excerpt":{"rendered":"

Paulding Putnam Electric Cooperative\u2019s Board of Trustees approved the 2022 operating and capital budget at the meeting held on November<\/p>\n","protected":false},"author":1,"featured_media":34392,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[2230,6],"tags":[13371,10834],"class_list":["post-34391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-community","category-community","tag-budget-2022","tag-paulding-putnam-electric-cooperative"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t