Press Release – BARC members receive savings from wholesale rate cut

August 3, 2023

BARC Electric Cooperative members will soon see lower electric bills beginning in August, following a decrease in the charges the Cooperative pays for wholesale power. For BARC members using 1,000 kilowatt-hours a month, the decrease will mean a savings of about $4 a month. Exactly how much will depend on members’ use.

According to Old Dominion Electric Cooperative (ODEC), energy prices tend to follow natural gas prices in the mid-Atlantic as our region relies heavily on natural gas for electricity generation. As power and gas prices have decreased from significant highs we saw in 2022, ODEC is able to lower electric rates for its 11 cooperative members this summer, including BARC Electric Cooperative.

“BARC is pleased that we can share this decreased rate and savings with our membership,” says Keith Swisher, chair of the BARC Board of Directors and ODEC board member. “We are proud of our executive team and the ODEC team for working to provide the same reliable electricity at the lowest possible cost.”

“One of the unique things about ODEC and BARC is the cooperative business aspect. As one of ODEC’s 11 member cooperatives, we work directly with ODEC leadership,” says BARC President and CEO Bill Buchanan, who also serves on the ODEC Board. “Sometimes, there are hard decisions that impact our members, as was seen over the past year when energy costs climbed due to high fuel costs. Other times, we get to make the easy decisions for our members, by passing through savings that ODEC realizes. Like now when fuel costs are declining and giving relief to our energy costs, and ultimately lower costs to the members we serve. I’m pleased BARC is a member of ODEC and that we can pass this decrease through to our membership — it’s Cooperation Among Cooperatives.”

BARC is a member-owned utility that provides electric service to about 13,000 connections across five counties in the Shenandoah Valley of Virginia including Bath, Alleghany, Augusta, Highland and Rockbridge. The cooperative was formed in 1938 as part of the Rural Electrification Act addressing the need for electricity to residents in rural areas.