Pahrump residents won't feel the sting of rising power costs across the nation for at least another year, according to Valley Electric Association (VEA).

Due to a power purchase contract with Powerex Corporation, a Canadian company that markets wholesale energy products and services, VEA members will have rate stability through 2007 and 2008, despite rising energy costs and market fluctuations forcing other utility companies nationwide to raise their rates.

"In a volatile market where prices can elevate in a matter of minutes, securing this contract allows VEA members to benefit from rate stability for one more year," a prepared statement from the company said. "VEA is presently exposed to market fluctuations due to the lack of a long-term power agreement and not being affiliated with a generation plant."

According to Thomas Husted, CEO of Valley Electric Association, this contract will ensure that for this year at least, members won't feel be affected by the winds of market changes.

"We achieved our immediate goal of making sure that 2008 was covered and, barring any unforeseen disasters, we will be able to maintain our present rates and continue to meet our financial obligations," Husted said.