Paducah Power System will save $9.7 million over the next 18 years after refinancing its 2009 peaking plant bonds. The peaking plant is used during times of high demand. PPS says demand for the bonds was six times higher than the available supply.
The utility had been monitoring interest rates for weeks to take advantage of the low rates that helped the Kentucky Municipal Power Agency save than $9.6 by bond refunding in January. Paducah Power is a member of KMPA.
PPS Spokeswoman Andrea Underwood says the utility is unsure if this will help lower customers’ rates. She says the board will review the Power Cost Adjustment June 27.
