The Seattle City Council approved rate increases for Seattle City Light at levels slightly below those proposed by Mayor Mike McGinn. The Council approved rate increases of 4.3% for 2011 and 3.2% for 2012. Seattle ratepayers may not notice the effect of the 2011 increase, however, as the Council directed the utility to remove the 4.5% rate stabilization account surcharge – put in place at the beginning of 2010 – effective the first of 2011. The rate stabilization account was created as a structural mechanism providing a budgetary cushion against unpredictable net wholesale power revenues. The surcharge was to remain in effect until the fund reached $100M. Though the fund had not yet reached that amount, the Council directed the utility to divert operating cash of $10M from the current budget to fill the account. This action reduces 2010 operating revenue for the utility and lowers its debt service coverage from a Council stipulated target of 1.8 to 1.7.
 The Northwest Energy Efficiency Council transitioned to the name Building Potential in 2024. The organization’s legal name remains the same and the Board of Directors and Staff have not changed. |