Snohomish PUD customers to see higher electricity bills as rate hikes take effect
Snohomish County PUD customers will see higher electricity bills starting in April.
The utility cites severe storms, inflation and winter weather as reasons for the increase.
For some, the hike means tough financial choices.
SNOHOMISH COUNTY, Wash. - Snohomish County Public Utility District customers will see higher electricity bills starting in April as the utility adjusts rates to cover significant financial losses from extreme weather events and inflation.
The PUD board of commissioners approved the rate increase, citing the impact of severe storms and winter weather that cost the utility millions in restoration efforts.
The primary driver behind the rate hike is the extreme weather the region experienced in 2024. January's sub-freezing temperatures on Martin Luther King Jr. weekend led to skyrocketing energy market prices, costing the PUD an additional $45 million. In November, a powerful bomb cyclone resulted in widespread power outages, leading to $16 million in restoration costs.
Local customers are already feeling the pinch from inflation, and the added utility costs are yet another burden.
What they're saying
For some, the hike means tough financial choices. Meadowdale resident Sue O'Hare echoed similar frustrations.
"We used to be able to go out to eat for $20, now it's $50," O'Hare said. "I try not to look at [my electricity bill], but I know it's over $100."
Belle Moore, a Shoreline resident, pays about $70 a month for electricity. While she's not impacted by PUD she isn't pleased about the increase.
"The rate payers always get in the shorts," Moore said.
By the numbers
The increase will impact the daily base charge:
Single-family homes will see an average increase of $6.40 per month.
Multifamily homes and apartments will pay about $4 more per month.
Small businesses can expect an increase of approximately 80 cents per day.
Snohomish PUD Lead Communication Specialist Aaron Swaney said 2024 was a challenging year for utilities across the region.
"We've done a lot of cost-cutting measures to try to keep this rate increase as low as possible," Swaney said.
The PUD had a 5.8% rate increase in 2024 after several years without one. Inflationary pressures, supply chain issues, and severe weather events have contributed to the need for these adjustments.
"The rate payers always get in the shorts," said Moore. "It's going to hurt, people are hurting from all over. If you have senior citizens that can't stretch,"
"We faced significant challenges in 2024, and I'm proud of how the organization worked together to minimize this rate increase," John Haarlow, PUD CEO/General Manager said in a statement released Monday. "We recognize the impact cost increases can have on our customers and remain committed to providing reliable and environmentally sustainable power."
Puget Sound Energy also recently announced its own rate hikes. Earlier this month, the Washington Utilities and Transportation Commission approved PSE's two-year General Rate Case plan, which took effect on Jan. 29. PSE filed its rate increase request in February 2024.
Electricity increased by 11.5% in 2024, with another 6.4% hike coming in 2026. Gas prices went up by 10.6%, with an additional 1.8% increase expected in 2026.
For a typical residential electric customer using 800 kWh per month, the increase will be about $13.08 in 2025, bringing the average bill to $122.16. Another $7.67 increase is expected in 2026. Gas customers using 64 therms per month will see an increase of about $7.56 in 2025, with a smaller rise in 2026.
"Where do you cut?" Moore said. "You got to eat, you got to pay rent or mortgage, you have to provide, you have to survive, but on the other end, the utility has to make things work."
According to PSE, the increases are necessary to maintain essential utility services, invest in infrastructure, and comply with state-mandated clean energy goals. The plan includes projects like the $530 million Beaver Creek wind farm, long-term power purchase agreements to replace coal-fired generation, and upgrades to the electric grid to improve reliability and wildfire prevention.
What's next
Snohomish PUD says it has funds set aside for future weather events, but it's too early to determine whether additional increases will be necessary. For now, this hike will cover the budget through March 2026.
Both PUD and PSE encourage customers to explore assistance programs if they're struggling to pay their bills. PSE's programs include:
Bill Discount Rate: Income-qualified customers can receive up to 45% off their bill.
Past Due Bill Forgiveness: Customers making on-time payments can have portions of their past due balance forgiven, up to $2,500.
Home Weatherization Programs: Free energy-saving home upgrades for income-qualified customers.
Payment Arrangements: Flexible options to manage payments.
More information on PSE's assistance programs is available at pse.com/assistance. Customers looking to lower their energy usage can also explore rebates and efficiency programs at pse.com/rebates.
The PUD urges customers struggling with their bills to explore available assistance programs, including income-qualified discounts of 25% or 50%.
More information is available at snopud.com/rates
"We have great customer tools," Swaney said. "We have really robust income-qualified assistance programs that offer 25 or 50% off bills."
The Source
Information in this story came from the Snohomish County Public Utility District and FOX 13 Seattle reporting.
3 arrested, charged in connection to Renton, WA beauty store thefts
First electric fire truck in WA unveiled in Redmond
King County Metro purchase of 120 Teslas faces scrutiny
Trump names Washington's Joe Kent to lead counterterrorism agency
Armed suspect arrested after barricading in Thurston County, WA home
Rare, endangered Malayan tapir calf born at Point Defiance Zoo in WA
To get the best local news, weather and sports in Seattle for free, sign up for the daily FOX Seattle Newsletter.
Download the free FOX LOCAL app for mobile in the Apple App Store or Google Play Store for live Seattle news, top stories, weather updates and more local and national coverage, plus 24/7 streaming coverage from across the nation.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
5 hours ago
- Business Insider
All Eyes on Nvidia Stock Ahead of Earnings; Here's What Morgan Stanley Expects
Nvidia (NASDAQ:NVDA) stock heads into the last stretch of earnings season carrying sky-high expectations. Investors will get their answers on August 27, as the AI heavyweight reports against a backdrop of strength across the sector. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. And that strength is no coincidence. The billion-dollar spending spree among hyperscalers is going full steam ahead, while TSMC, the world's largest chip foundry, delivered robust results in its Q2 2025 earnings report last month. Add to that sovereign efforts to build national AI initiatives, the race toward physical AI, and the recent easing of China's export restrictions, and the environment looks tailor-made for Nvidia's continued momentum. Against this backdrop, Nvidia has set a high bar, guiding for fiscal second-quarter revenues of $45 billion plus or minus 2%, with margins expected to be north of 70%. If achieved, that would mean 50% year-over-year growth – remarkable for any company, let alone one already valued at over $4 trillion. Still, Morgan Stanley's Joseph Moore, a 5-star analyst ranked among the top 4% on TipRanks, urges some caution in the near term, noting that while Nvidia is well-positioned for the long haul, expectations for the current quarter may be tempered. 'We expect a strong quarter and outlook, but we're a little measured on the current quarter – our optimism centers on what lies ahead,' Moore explains. The analyst points to the Blackwell ramp as the next major growth engine, while also highlighting tier-2 customers – often overlooked – as an underappreciated source of strength heading into the second half of the year. China adds another wrinkle. While Nvidia may be conservative in forecasting sales there due to the uncertainty around export licenses, those revenues could eventually provide another tailwind. And with R&D spending surpassing $15 billion annually, Nvidia's grip on the data center market looks secure. Taken together, Moore argues the demand story is intact and only growing stronger. 'Supply is what matters on the night of the earnings call, but demand is what sets the path into 2026, where all indications are positive,' the analyst sums up, assigning NVDA with a Buy rating and $206 price target, which implies ~17% above current levels. (To watch Moore's track record, click here) That outlook aligns closely with the broader Street view. Nvidia boasts 35 Buys, 2 Holds, and just 1 Sell, giving it a Strong Buy consensus. The average 12-month price target of $197.03 implies ~12% upside for the next 12 months. (See NVDA stock forecast) To find good ideas for stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights.
Yahoo
16 hours ago
- Yahoo
NVDA: Morgan Stanley Says 'Time to Power Up' Nvidia Ahead of Earnings
Aug 19 - Morgan Stanley raised its price target on Nvidia and told investors now feels like time to power up for the chipmaker, sending fresh optimism into the market ahead of Nvidia's Aug. 27 Q2 FY26 report. Morgan Stanley's Joseph Moore kept a "Buy" view and nudged the target to $206, citing strong, ongoing customer demand and improving supply for Blackwell GPUs. He now models higher revenue and EPS for 2026, reflecting faster rack assembly and more shipments expected later this year and into early 2026. Warning! GuruFocus has detected 5 Warning Signs with NVDA. Moore also expects Nvidia to hold roughly an 85% market share in AI datacenter chips next year, leaving rivals with a steep catch-up task. The analyst sees July and October revenue beats relative to prior estimates and raised his 2026 revenue/EPS outlook accordingly. While China licensing and supply variables could influence near-term results, the firm's updated forecasts underline a durable demand backdrop from hyperscale cloud customers and growing traction among smaller cloud buyers. That mix helps explain why Wall Street looks bullish heading into the quarter. This article first appeared on GuruFocus.
CNBC
17 hours ago
- CNBC
Americans' No. 1 financial regret—and how to avoid it
When asked their biggest financial regret in 2025, most Americans said it was not saving enough, according to a new Bankrate poll. Altogether, 3 out of 4 respondents said they had a financial regret in the past year, with around 40% pointing to regrets tied to savings — whether for retirement, emergency expenses or children's education — making it the most common theme in this year's 2,078-person survey. By comparison, 20% say their biggest regret was taking on too much debt from credit cards or student loans. "One consistent takeaway from this study every year is the durability of 'not saving enough for retirement' as a regret. The percentage of people with this regret grows with age as retirement draws closer," says Stephen Kates, financial analyst at Bankrate. Among those with regrets, 43% say they haven't made any progress toward addressing the issue over the past year. And when asked what would most improve their finances in the near term, Americans pointed to cheaper essentials such as gas and groceries, followed by better job opportunities, lower rent and a rising stock market. Whether it's saving up a cash emergency fund or boosting retirement investments, experts say the hardest part can be simply starting, especially if it feels late. But, "starting late is better than never starting at all," says Jake Martin, a certified financial planner in Ohio. Here are three steps to help you get on track. Before focusing on long-term savings, prioritize putting out "financial fires," Martin says. High-interest debt such as credit cards or payday loans should be paid down first. "These typically carry rates above 15%, making them a drag on your finances and your retirement goals," he says."Credit card debt should always be prioritized and paid down, but debt such as student loans and mortgages need to be thought out more strategically," says Paul Gaudio, a CFP in Boston. These loans often carry relatively low interest rates, which may make it smarter to stick with minimum payments and put extra cash into investments instead, he says. Once your debt is under control, work on building up emergency cash reserves worth three to six months of living expenses, so an unexpected job loss or medical bill doesn't push you back into debt, Martin says. An emergency fund is crucial because it helps you avoid relying on high-interest credit cards when the unexpected happens, he says. Next, focus on retirement. For late starters, that usually means saving more aggressively. "While most people shoot to save 5% to 10% of their income, someone who is trying to catch up should look for ways to boost this savings rate to 20% to 30%," particularly if you're starting in your 40s, says Martin. You may also want to consider extending your retirement age if you need more runway for savings, he says. The exact amount that will make sense for you to save will vary based on a number of factors, including your age and your ideal lifestyle in retirement. CNBC Make It's savings calculator can help you determine how much you may want to aim for. Another way to free up money is by cutting fixed expenses, a strategy South Carolina-based CFP Ashton Lawrence calls "controlling the controllables." "Identify where discretionary dollars are leaking, whether dining out, streaming sprawl, app subscriptions you forgot about, convenience delivery, impulse buys, and lifestyle creep," he says. "Every dollar you don't spend is a dollar you can assign for better use."
