EDMOND — Edmond Electric's residential customers will see an average increase of 2.75 percent on their electricity bills starting Nov. 1.
The increase, based on the amount of electricity used, will bring in an additional $1.2 million for the fiscal year 2014.
The rate hike came after city leaders conducted a cost of service study examined by the council during a May 28 workshop.
Council members unanimously approved the increase Monday. The last rate adjustment was in 2010.
Edmond Electric has set its prices in the past based on rates published by OG&E.
“These are no longer tied to their rates,” said Glenn Fisher, Edmond Electric director. “It gets us where we are pricing according to what we sell.
“We are looking for ways to cut costs. Things are more expensive.”
Edmond Electric has several large projects underway, including rebuilding two transformers that will be necessary in the future. Fisher referred to the May 20 Moore tornado as a reason why Edmond Electric needs an adequate cash reserve.