New Richmond electric rates under review
New Richmond Utilities has embarked on a rate study for its electric utility.
According to Nancy Peterson, utility finance manager, the city's electric rates have remained the same since April 1, 2006.
The local utility has been slowly losing its financial footing as revenues decrease and maintenance and operational expenses rise. In 2011, the utility's rate of return for electricity was 3.25 percent. For 2012, the utility expects to record a negative rate of return.