THIRD YEAR NO ELECTRIC RATE INCREASE

posted on Tuesday, December 31, 2019 in Company News

WAVERLY, Iowa (November 26, 2019) – Waverly Utilities (WU) Board of Trustees approved to hold electric rates steady in 2020 at the November 12, 2019, board meeting.

The Board of Trustees approved just over a $19 million budget for WU with operating expenses at $18.2 million.

“The net income of $844,786 is approximately the amount we will transfer to the City of Waverly as payment in lieu of taxes,” said CEO Darrel Wenzel.  Overall total contributions (economic development contributions, Bremer County taxes, Trees Forever, etc.,) to the Waverly area is slightly over $1.2 million dollars. “That is a direct reflection of the benefits Waverly has of owning its own Public Power electric utility.”

“The 2020 budget reflects a stabilization of wholesale energy and transmission expenses, continued internal cost reduction efforts, and a continuing commitment to exceptional reliability and service as well as the on-going challenges associated with the changing industry dynamics,” stated Kasey Lewis, WU Director of Finance.