Coast Electric members will see an increase in power costs on their bills this summer. The power cost adjustment went into effect on June 1 and members will see the results of this increase on their July bills.
What is a power cost adjustment?
A power cost adjustment is an increase or decrease of a member’s monthly electric bill. There are many reasons for a power cost adjustment, including an electric utility’s fuel supply and the cost of purchased power. Coast Electric’s last power cost adjustment in 2014 was a decrease and this summer’s cost adjustment will be an increase.
What causes power cost adjustments?
Increases in wholesale purchased power directly affect electricity bills because they are a pass-through expense from Coast Electric’s generation and transmission provider, Cooperative Energy. Cooperative Energy is a cooperative located in Hattiesburg that serves 11 cooperatives in Mississippi like Coast Electric. Power costs are managed by working with Cooperative Energy to purchase a diverse mix of fuel sources.
What is causing this power cost adjustment?
The rising cost of natural gas is responsible for increased power generation costs. Cooperative Energy uses a diverse fuel mix to help keep costs from fluctuating too much when the cost of one source increases, but the increased costs are still affecting generation costs and, therefore, Coast Electric’s cost to its members.
When will this power cost adjustment take place and how much will it cost?
Effective with July 1, bills, the power cost adjustment on member bills will increase 3.1 mils. A typical residential Coast Electric member using 1,000 kilowatt hours monthly would see an increase of $3.10 on their electric bill.
What Can Members Do?
Be efficient. Coast Electric understands the strain that is caused by increases to your monthly bills. That is why we are dedicated to educating you about energy efficiency and how wise choices can help you lower your energy use. Visit www.coastepa.com for information about how to manage your energy use. You can also call us at 877-769-2372 and request information on energy efficiency, or come by any Coast Electric office for advice and resources.
Check out our innovative Time of Use Rates. You can save hundreds of dollars a year on your electric bill by using power in off-peak times. Time of Use rates also come with a six-month price guarantee.
Coast Electric and its employees understand the impact these power cost adjustments have on members. After all, our employees are local men and women who have to pay the same monthly bills you do. We want you to know that we are looking out for our members by using innovative ways to keep energy affordable and keeping our focus on our member-owners.