PEORIA, Ill. — Local residents are being warned of a massive hike in energy prices coming within the next month.
You’re told to prepare your budgets for an average $500 per year increase in your Ameren Illinois Electric bill.
A release from Peoria City officials, issued Tuesday, says the rate hikes will become effective for customers in the June billing cycle.
All of this is the result of dwindling energy supply all across the Midwest, partially due to fossil fuel plants being phased out and a lower number of renewable energy sources being slowly phased in.
Too slowly, it would appear and the war in Europe between Russia and Ukraine is only adding further upward pressure on domestic energy and electricity costs for utilities.
City officials say the higher Ameren Illinois electricity rates will affect Peoria and Peoria County’s municipal aggregation program as well.
“We realize that the increase in energy costs could pose a financial burden on our community members and the cities and counties engaged in our buying group are working hard to provide the best possible alternative for our residents,” noted City of Peoria City Manager Patrick Urich, “As more information becomes available on the pricing and term we will be able to provide our residents, we will make that available to all.”
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