‘Helps us make ends meet’: Electric prices drop by 31% as October starts

CHAMPAIGN, Ill. (WCIA) — Central Illinois’ largest electric utility company’s prices are going down by more than 30%, leaving people and business owners excited.

Ameren customers have reported receiving bills that were double their usual price. Now, they’re hoping this drop is here to stay.

The savings adds up to about 4 cents less per kilowatt. So, say your bill is $200 a month. With the projected savings, it would now be about $140.

WCIA caught up with a local business and people in the area to get their thoughts on the drop in prices.

“We definitely felt the rate hikes,” said Mad Goat Coffee manager Ben Karwoski.

Karwoski said their business tends to feel it even more than others.

“The doors are open all the time as people are coming in and out,” Karwoski said. “It certainly takes a lot of air conditioning work to keep this place cool and comfortable for people.”

Ameren said the drop, which started on Oct. 1., all comes down to supply and demand. And as temperatures cool, so does the demand for electricity, which is why we’re seeing the decline.

“I was excited to hear it,” Karwoski said. “Right. I mean, we’re talking power bill that is in the thousands of dollars for a business like this. And so, a reduction like that is a really big break that really helps us make ends meet.”

And it’s not just big for businesses. Bruce and Vilma Howard said they were paying double their normal bill this summer.

“It’s nice just to have a break off paying these high bills because I just worry about now the winter is coming. I’m glad its lower,” Howard said.

This drop is set to last until May of next year, causing some to pause when thinking about the future.

“I’m worried about it bouncing back, especially because the date is May, right,” Karwoski said. “That seems about the same time that it went up last time and so worried that it will go back up. I’m grateful that it’s going down right now.”

WCIA got a statement from Ameren Illinois saying:

Lower electricity prices and stable natural gas prices are welcome news for residents and businesses who experienced a very challenging summer. While Ameren Illinois is a delivery-only company that does not generate power or control the price of electricity, we continue to advocate for energy policies that keep costs affordable
Ameren Illinois