CEO August Message - 2024

HCE Rate Increase

Increased costs for everyday items is a hot topic in today's world, and for good reason. With the rising cost of living and inflation, it's no surprise that Hill County Electric has been affected by these increases as well. HCE has managed to avoid a rate increase over the last 8 years, a feat that is almost unheard of in the current economic climate.

However, HCE has not been immune to the cost increases, and we must make a change to remain financially solid for our members today and our future members. The driving force behind the increase in electric rates is inflation and increased power costs. Inflation is the general increase in prices and fall in the purchasing value of money. This means that as inflation rises the cost of producing and delivering electricity also increases. This is because the price of materials, labor, and other resources needed to generate and distribute electricity also rises. As a result, electric companies, like ours, are forced to increase rates in order to cover these rising costs.

Inflation has been a major concern for many years and has only been exacerbated by the recent economic downturn caused by the COVID-19 pandemic.

The electric rate increase is a result of inflation, increased energy costs and the rising cost of living. However, our cooperative business model, focus on energy efficiency, and strong relationship with our members has allowed us to postpone the rate increase until now. It is a reminder that, at the heart of it all, the cooperative business model is about serving the community and putting the needs of its members first.

Learn more about this change effective September 1st, 2024.