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UTILITY BOARD HOLDS PUBLIC HEARING AND APPROVES FY 2013 BUDGET; INCLUDES PROPOSED ONE-PERCENT RATE REDUCTION

08/09/2012 ~ The Utility Board held a public hearing and approved Keys Energy Services (KEYS) Fiscal Year (FY)* 2013 budget and five-year financial plan, during their regularly scheduled meeting on Wednesday, August 8th. The proposed FY 2013 budget for KEYS is $100-million.

The budget takes in to account a one-percent base rate decrease for KEYS’ customers during FY 2013. In FY 2013, an average KEYS’ residential customer should see their overall bill decrease by 3.5-percent as a result of both the base rate decrease and anticipated lower power costs.

“With the understanding the Board requested a balanced budget and a rate decrease, KEYS’ staff identified projects which could be postponed or eliminated without affecting reliability,” said Lynne Tejeda, KEYS’ General Manager & CEO. She went on to add that “staff worked with vendors to reduce long standing contracts and were able to realize a savings of more than $600,000 as a result.” Additional savings are anticipated from lower purchased power costs and will be passed on to customers in the form of a Power Cost Adjustment (PCA) credit.

KEYS has reduced energy bill rates since FY 2009 by 15.8-percent. In FY 2009 a customer with 1,000 kilowatt-hours** of consumption, a typical usage cited when making comparisons, had a bill of $156.17. In FY 2013, that same customer will have a bill of $131.48 if their consumption remains unchanged.

The regular meeting of the Utility Board took place at 5:00 p.m., August 8th, in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

*KEYS’ Fiscal Year runs from October 1st to September 30th.

** Kilowatt-Hour (kwh) – A common unit of electric energy consumption, and the basic unit of electric energy. Ten 100-watt light bulbs burning for one hour use one kwh.

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