Pennyrile Electric announces no rate increase at annual meeting

Pennyrile Rural Electric leadership announced that they do not plan to increase rates and shared the results of the board of directors’ election at Tuesday’s meeting.

Pennyrile Electric President and CEO Alan Gates says they remain focused on strengthening the power provider’s reliability by upgrading infrastructure, which has grown more expensive because of inflation. Despite the rising expenses, Gates says he is not anticipating a customer rate increase.

Along with focusing on power reliability, Gates says they are also working on expanding broadband internet connectivity to their entire service region. Currently, Pennyrile Electric provides internet to 85% of its service region, but following board approval, Gates says they will be completing the Fiber to The Home Project, so all customers have high-speed internet access.

Half of the board member seats were up for election, and all the current board members were reelected. Pennyrile Electric General Counsel Jeff Traughber announced the election results, James Futrell will continue serving the Cumberland District, Duane Moore will continue serving the Western District and Bryson Price will continue serving the Eastern District.

At the meeting, Pennyrile Electric also received a clean audit report for the prior fiscal year.