KyMEA savings spurs $3.6 million return for customers since 2019

FPB electric customers will see a rebate on their bills this month. The Board of Directors is returning $2 million this year to eligible FPB electric customers in the form of a credit on August bills. Last year, the rebate for customers totaled $1.6 million.

FPB officially switched wholesale power suppliers from Kentucky Utilities (KU) to the Kentucky Municipal Energy Agency (KyMEA) on May 1, 2019. This move has produced ongoing savings for the company and its customers, which has produced $3.6 million that has been returned to customers since the switch.

The $2 million rebate this year includes $1.6 million of the estimated annual wholesale power savings plus $400,000 from a wholesale power true-up from the previous supplier.

To be eligible for the rebate, one must have been an FPB electric customer on May 1, 2020, which marks the beginning of the second year of wholesale power savings with KyMEA. All eligible customers will receive a credit based on the total dollar value of their electric bills from May 2019 through April 2020 as a percentage of all FPB electric customer bills for the same period.

One must be an FPB electric customer when the electric rebate credit is issued to receive the credit. Based on this structure, average residential customers will receive approximately $42 in rebate credit to their August bills.

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