Homer Electric Association members will likely see a rate decrease beginning Jan. 1, 2015, the electric cooperative announced in a press release Friday.

According to the release, HEA has submitted a filing with the Regulatory Commission of Alaska that lowers the Cost of Power Adjustment from $0.08194 per kilowatt hour to $0.06900 per kilowatt hour.

COPA reflects the cost of the fuel purchased by Homer Electric to generate electricity and is adjusted on a quarterly basis.

The reduction in the COPA is due in part to the use of additional low cost power that was available from the state-owned Bradley Lake hydroelectric project. During the last quarter of 2014, Bradley Lake experienced high water levels, resulting in increased power generation at the facility.

The COPA revision will lower the blended rate (COPA plus energy rate) for HEA members from $0.21974 per kilowatt hour to $0.20680 per kilowatt hour.

The new rate will mean a decrease of $8.15 per month for the average HEA member using 630 kilowatt hours a month. Pending approval from the Regulatory Commission of Alaska, the new rate will be effective for all billings as of Jan. 1.

— Staff report