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Oxford board approves 4% electric rate increase, OKs FY2027 electric budget
Summary
The Mayor and Board of Aldermen approved a 4% retail electric rate increase for Oxford Utilities, effective July 1, to rebuild reserves and fund capital projects; the board also approved the FY2027 electric division budget.
The Mayor and Board of Aldermen approved a 4% retail rate increase for Oxford Utilities on a voice vote at their June meeting, with the adjustment scheduled to take effect July 1. Oxford Utilities staff and the board’s rate consultant said the increase will help rebuild reserves depleted by recent storms and rising equipment costs and finance planned capital projects.
Rob, speaking for Oxford Utilities, told the board the utility has not had a net‑positive retail rate adjustment in about 17 years and cited post‑pandemic spikes in materials and equipment costs and reserve depletion from Winter Storm Fern as drivers of the change. “It breaks down to the average residential customer to be about $4 per month,” Rob said, estimating roughly $48 annually for the typical household.
The board also approved the electric division’s FY2027 budget, which Rob said reflects recommendations from a May utilities review and incorporates the rate change. No recorded roll‑call vote was taken in the transcript; the item passed after the board answered “Aye.”
The utility expects the increase to restore reserves and allow previously discussed capital projects to move forward; staff said impacts will vary by usage and that customers who use less energy will see less than the average monthly increase.
