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REC Seeks
Rate Hike
The combination ot reduced kilowatt hour sales and increased costs has forced Rappahannock Electric Cooperative to file a rate increase application with the State Corporation Commission, according to the utility that serves customers in the southern edge of Rappahannock County.
According to Francis Updike. Cooperative spokesman, the application was filed with the State Corporation Commission on December 15, 1981 and would probably be scheduled for hearing by early Spring of 1982. Updike said that the application sought an overall increase in revenue of 12.4 percent or $3,586,000. He added that the proposed rate increase would raise the cost of lOOOKWHsby $8.05.
Updike stated that Rappahannock Electric Cooperative had received wholesale power increases of 26 percent from its supplier during 1981. "Those increases brought our cost of wholesale power up to an unprecedented level of 78.4 percent of our total revenue for the year. With the fixed costs of interest, principal payments, and taxes taking an additional 10 percent, we were left with only 11.6 percent of revenue to operate the total Cooperative system for the year."
85.2%