When we received word of this larger-than-previously-described increase from Xcel, YVEA was creating our budgets for 2023. All departments and team members were asked to cut their proposed budgets by 15% to help lessen the impact of these rate increases from our power suppliers.
Top of mind while we were making these cuts was how YVEA would maintain our commitment to providing our members with safe, reliable, and affordable power. We were confident we were able to trim budgets to the point where we could achieve this promise to our members. Further, these budget cuts enabled us to lessen the impact of the passthrough costs of Xcel’s rate hike on our members. While Xcel raised our rates by 14%, thanks to the reduction of our proposed 2023 budgets, we have not needed to raise our rates to match that 14%.