By Associated Press
Tulsa, OK – GRDA to increase rates
TULSA, Okla. (AP) The Grand River Dam Authority plans to increase its base rates 11.95 percent on Jan. 1 unless economic activity picks up.
Officials say the increase approved by GRDA directors Wednesday is needed to meet debt service requirements in the face of lower-than-expected revenues.
The authority issued $540 million in new debt last year, primarily to buy a 36 percent share in the Red Bud generating plant near Luther.
The GRDA operates three hydroelectric dams on the Grand River and two coal-fired plants near Chouteau in addition to its partnership in the natural gas-fired Red Bud plant.
It sells electricity to rural cooperatives and municipally owned utilities in Oklahoma, Kansas, Missouri and Arkansas, and to industrial customers at the Mid America Industrial Park in Pryor.
Information from: Tulsa World, http://www.tulsaworld.com
Copyright 2009 The Associated Press.