The Western Area Power Administration has approved a new provisional formula rate for the electric service of the Provo River Project, effective from April 1, 2025, through March 31, 2030. This new rate schedule, known as PR-3, will replace the existing PR-2 rate schedule, which expires in 2025. While the formula for the rate hasn't changed, it updates some contract references. The rate will remain provisional until the Federal Energy Regulatory Commission (FERC) gives final approval, or it could be replaced sooner if another rate comes into effect.
Simple Explanation
The people in charge of electricity in a place called the Provo River Project decided to keep the way they figure out electricity prices mostly the same, but they made sure everything is up-to-date with contracts. The price plan is starting new in April 2025 and needs a big boss called FERC to say it's okay before it becomes final.