Effective April 1, 2024, Peabody Municipal Light Plant electric customers will see their monthly bills increase by a net amount of 9.1%. The announcement from PMLP Manager Joe Anastasi is the result of an extensive cost of service study ordered by the light plant and its commissioners.
Although inflation rates for some goods are stabilizing, the electric industry has seen upward of 300% increases in maintenance and operating costs while experiencing longer-than-normal lead times for critical infrastructure equipment. This continues to strain the budgets of municipal and investor-owned utilities alike.
PMLP is a nonprofit organization and prides itself on being among the lowest-cost suppliers of electricity in the Commonwealth of Massachusetts, while providing ratepayers with safe, efficient, and reliable energy, along with exemplary customer service. A state-of-the-art distribution system coupled with dedicated and experienced personnel allow for quick responses to unplanned outages, thus minimizing downtime.
According to Anastasi, “PMLP recognizes that any increase can present challenges to customers. As such, we have purposely delayed this increase until the warmer months to lessen the impact on our customers. Fortunately, we have a robust power supply portfolio, which allows our experienced management team to put the interests of our ratepayers first and foremost.”
For examples on how this change will affect customers, a small home and family (using 250 kWh) will see an increase of $3.44 per month, while a mid-sized home (using 500 kWh) will see an increase of $6.47 per month. A larger home and family (using 750 kWh) will see an increase of $9.53 per month. To soften the impact to family budgets, PMLP plans to offset an increase of its base rate by simultaneously decreasing its purchased power rate. The net change is 9.1%. The overall increase amounts to slightly above one cent per kWh. Anastasi wants to reiterate that the popular 20% discount for on-time payments will continue to be available to customers.
PMLP will continue to work tirelessly to assist residential and commercial customers in reducing their energy consumption with conservation tips, and rebate programs for efficient appliances and household tools. Services through NEXTZero offer incentives for connecting smart devices (such as EVs and/or smart thermostats) through the “Connected Homes” program. More information is available at www.pmlp.com.
Finally, in an effort to help those who struggle with financial challenges, PMLP has partnered with Action Inc., which offers assistance with energy bills to qualified customers. Through the Low-Income Home Energy Assistance Program (LIHEAP), funds may be available to help with bill payments. Find out more about LIHEAP at the Action Inc. website at http://actioninc.org
The PMLP customer service team can also answer questions about bills. Call 978-531-5975 Monday – Friday 8:30 a.m. to 4:30 p.m. for assistance.
