Riverside – After receiving approval from the city council last week, Riverside Public Utilities (RPU) is moving forward with its new Temporary Economic Development (TED) electric rate, designed to entice new business growth and relocation to Riverside.
The utility’s TED rate would provide discounts for new qualifying electric customers of 30, 20, and 10 percent through December 31, 2013, 2014, and 2015 respectively, which can help offset start up or relocation costs. Customers with projected minimum monthly energy demands of at least 20 kilowatts (kW) and not exceeding 500 kW would be eligible to participate.
“This rate plan provides us with another tool that we can use to promote economic development and business expansion in Riverside,” said RPU General Manager David H. Wright. “In addition to wanting companies to come here, we also want them to stay here and thrive and become a part of Riverside’s overall mosaic.”
“Providing rate discounts like these can help to achieve that goal,” Wright said. In fact, RPU estimates that 40 to 50 new businesses would qualify each year under the new rate program. The TED rate is the latest move by the customer-owned water and energy utility that has helped to foster the City of Riverside’s “Seizing our Destiny” plan for economic development. In the past two years, RPU has also: reestablishing an economic development rate plan for large energy use customers (500 kW and higher); frozen electric rates through the end of 2012; and created a business retention rate to help mitigate additional negative economic impacts.
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