PORTLAND, Ore. (KIFI/KIDK)-The Bonneville Power Administration will suspend its financial reserves surcharge through September 2021.
Once approved by the Federal Energy Regulatory Commission (FERC), the suspension could save BPA’s power customers about $3 million per month for the remainder of this fiscal year and $30 million over Fiscal Year 21.
“This decision is the result of a strong collaborative partnership with our customers,” said BPA Administrator and CEO Elliot Mainzer. “The steps we have taken in recent years to sustain BPA’s financial health make it possible for us to provide some measure of relief to our power customers as they work to address the economic consequences of the pandemic.”
If FERC issues an immediate interim rate approval, the relief could come as early as this month.
BPA said it uses its reserves as a tool to maintain financial health and mitigate financial risk.
“We offer these measures to our customers to be a responsive business partner,” said BPA Chief Operating Officer John Hairston. “We believe we have found a range of options that help customers without harming our bottom line in the long term.”
Among others, BPA is the wholesale supplier of electricity to Idaho Falls Power, and the Fall River and Lower Valley Energy cooperatives.