During a meeting earlier this evening, JEA board members contemplated a 2.9% rate increase that would take effect early next year. The utility is struggling to increase revenue in an attempt to offset the rising cost of operations of the Plant Vogtle nuclear power plant in Georgia.
Construction of Vogtle was completed earlier this year, seven years late and $17 billion over budget.
JEA plans to generate 35% of its energy from nuclear and solar power by 2030, and is obligated to spend approximately $250 million per year to buy fuel from Plant Vogtle.
It’s unclear how much the rate increase could affect customers’ bills, early calculations estimate it could add between $40 to $45 on average, monthly, over the next 20 years. JEA says it’s too early to make that determination since the utility doesn’t officially forecast decades into the future. Perhaps if they did they wouldn’t be in the mess they now expect the citizens of Jacksonville to bail them out of.
The rate increase will be debated further at future meetings before the board members vote on it next year. The proposal would then need to be reviewed by the Council Auditor’s office and approved by city council. If approved, the increase could take effect as early as April 2024. It would be JEA’s third increase in three years.