The Frankfort Plant Board on Tuesday approved a $1.6 million rebate for eligible customers due to savings from a change in wholesale power suppliers.
Board members unanimously approved the rebate, which will give individual electricity customers an average $34 credit on their August bills. The $1.6 million comes from savings associated with a contract with the Kentucky Municipal Energy Agency, which began providing power to FPB customers on May 1. Kentucky Utilities was the previous supplier.
Plant Board Finance Director Katrina Cummins told board members that the switch in suppliers is expected to save FPB almost $5 million annually. She also said that the rebate was already factored into the board's budget.
Cummins said that customers must have been enrolled before the May 1 switch and their amount of credit is based on the total dollar value of the last 12 months' electric bills, or from May 2018 to April 2019.
"You must also be an FPB electric customer when the rebate credit is issued to receive the credit," Cummins said.