Hyde Park Electric customers found out this week that their rates will increase by more than 20% as the company attempts to emerge from a financial crisis.

The small electric utility is insolvent and in about $4.5 million of debt, according to a state investigation.

Brian Evans-Mongeon, the village manager and manager of the utility, resigned from both positions on Oct. 24. Morrisville Village Manager Scott Johnstone has stepped in as interim manager. Hyde Park Electric serves about 1,400 customers in Lamoille County.

Hyde Park village officials could not be reached to comment on Evans-Mongeon's departure.

State regulators opened an investigation into the company’s finances last month after Hyde Park Electric sent a letter to the Public Utility Commission saying it could not meet its

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