Seattle City Light released its 2023-24 retail rate ordinance in a presentation Wednesday, revealing that all of its customers’ rates will increase by an average of 4.5%, with residential customers’ rates increasing by at least 5% over those two years.
According to SCL, the main factor in the increased rates is the inflation in the price of materials, services and labor, along with flat demand for electricity, strategic electrification, and new green power needs.
SCL said that since 2020, steel, aluminum and copper prices have increased 70%-80% —overhead wire is up around 20%, underground cable is up 30%-60%, and conduit is up 33%.
For 2023, residential rates will increase by 5.7%, and in 2024 the rate increase will be 5%.
Monthly impacts will add up to $5 or less for all customers with these rate increases. For example, a single-family “high-user” home whose bill was $150 in 2022 would increase to $154 in 2023 and then jump to $159 in 2024.
For customers under the Utility Discount Program, who receive a 60% discount off standard residential rates, monthly impacts would be $2 or less.
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