Handley said the audit was "clean," and shows that Paducah Power’s financial condition is solid. He said that overall, the utility's revenues grew at a faster rate than its expenses.
Regarding rates, Handley said that they have been successful at keeping electric rates under control. He said if the average PPS rate in January 2022 had increased at the rate of annual inflation, it would be 17 percent higher than the current rate being paid.
Handley pointed out that one factor in the revenue gained recently has come from selling much more power to its data mining customers.
Paducah Power's top two consumers of electricity are Bitcoin mining concerns, and they make up more than one fourth of the utility's total electricity sold. Handley noted that those two customers consumed more than double the amount of power used by the utility's next 8 customers in the top ten.
Handley also pointed out that the large amount of revenue from the two blockchain miners helps keep down the cost of electricity that goes to their other customers.
In looking ahead, Handley said Paducah Power has two major substation upgrade projects -- one completed and one in progress -- at a cost of $11 million. He said this would normally be a huge long-term debt situation, but with the Bitcoin revenues, the utility can finance the substations in five years instead of the customary 30-year notes. This would be another positive aspect of keeping down customer rates.
Paducah Power is also in the early stages of rolling out a fiber-to-the-home project. Handley said that's rolling out in strategic locations so they can gauge customer interest, and establish a cost basis for the project, to be able to estimate when and where the expansion of fiber internet can take place for the rest of the city.
Residents can see Paducah Power's internet plans and get on a waiting list for service on their website .
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