In the spirit of transparency, we inform you, our valued Member-Owners, that Lumbee River EMC electric rates will increase effective January 1, 2024. For Lumbee River EMC to continue powering our communities without sacrificing safety and reliability, the rate increase is critical to our continued growth and success. After much consideration and deliberation, the Board of Directors approved the increase at the 2023 November Board Meeting.
“Lumbee River EMC remains committed to maintaining transparency and informing our members about any developments affecting their electricity rates,” said Rory Eddings, Chairman of the Board.
LREMC members have not experienced a rate increase since 2014. Even though rates have not increased, wholesale power costs continue to rise annually. Additionally, the recent rise in inflation has further contributed to the economic challenges LREMC faces. As Duke makes significant infrastructure enhancements to meet the demands of government oversight and expectations, its customers incur some of that expense.
In June 2023, Lumbee River EMC implemented a temporary rate adjustment to help mitigate the financial impact on the cooperative and its members. Your contributions didn’t go unnoticed, and together, we improved LREMC’s financial position, but a more permanent solution was needed to secure our future.
Lumbee River EMC has energy efficiency programs and initiatives to help Members reduce their energy use and lower their bills. Many tools are available in Smarthub to help members monitor and take more control over their energy use. LREMC offers many payment options. Flex pay gives Members more control over when you pay your bills. Lumbee River EMC also partners with local community service agencies through our “LREMC Cares Energy Assistance Program” to assist members experiencing hardship. Our goal with these programs is to help members offset the rate increase as much as possible.
“We deeply value the trust and loyalty of our members and appreciate your understanding and support during these challenging times,” said Jon T. Locklear, LREMC President and CEO. “We remain dedicated to serving you and our community and will navigate this challenge together.”
Click here for more information about the 2024 Rate increase.