Richmond Power & Light Board of Commissioners Budget Meeting of November 4, 2026

The Richmond Power & Light Board of Commissioners held a special budget meeting on November 4, 2026, to review proposed 2027 operating and capital budgets. The utility projected about $102 million in total income, $98.785 million in expenses, and more than $77 million in power-purchase costs, using conservative sales estimates and noting that revenue from previously approved rate adjustments would be monitored before some projects proceed. The proposed capital plan includes a $500,000 start to a citywide LED streetlight replacement program; replacement of East Substation transformers estimated at $3.45 million, with an anticipated $2 million initial payment if ordered in 2027; a roughly $350,000 bucket truck; pole inspections; substation upgrades; and other vehicle, safety-equipment, building, and grid-reliability investments. The board also reviewed ongoing planning for an intertie substation and discussed possible capacity needs for industrial growth.

No budget approval or procurement vote was taken at this meeting. Staff requested that the board consider the operating and capital budgets, a salary resolution reflecting 3% increases, and the first 2027 ECA at its December meeting. Other purchasing-related matters included evaluating a replacement vendor or ArcGIS options for a delayed GIS project, upgrading aging AMI servers and building-access software, and obtaining quotes for rubber-goods safety testing. Commissioners also suggested changing subdivision requirements so developers pay for streetlights when installed; this was raised for future consideration, not adopted. The proposed budgets include funds for projects and purchases, but no specific awards or vendor selections were made.