Great River Energy Rates on the Rise | Business
Minnesota's second-largest electricity producer is increasing wholesale rates for the seventh consecutive year.
The Star Tribune reports Great River Energy's board of directors approved an average increase of 4 percent for its 28 local power cooperatives which serve 645,000 customers.
The Maple Grove electric power producer's chief financial officer, Larry Schmid, says the main reason for the 2013 increase is maintenance at two of the cooperative's coal-fired power plants in North Dakota, estimated to cost $30 million.
The Star Tribune reports Schmid also cited a drop in power demand as a reason for the increase. Co-op officials say the rate increase will cost a typical residential customer an additional $2 to $3 a month.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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