HomeBusinessClay Electric lowers power cost for November, December by 5.6%
Clay Electric lowers power cost for November, December by 5.6%
November 2, 2020
Press release from Clay Electric
Clay Electric Cooperative is lowering the cost of power for its members by 5.6 percent in November and December. This means members using the industry household average of 1,000 kWh of power will pay $106.90, a $6 savings. The previous cost was $112.90.
The cooperative is able to lower the cost of power due to the decreasing price of natural gas, which Seminole Electric Cooperative (Clay’s wholesale power provider) uses to generate a sizable portion of the wholesale electricity it provides Clay and eight other distribution cooperatives in Florida.
“Our lower power cost comes as a result of our power supplier continuing to purchase fuel at the lowest possible price,” said General Manager/CEO Ricky Davis. “This savings will assist those in our communities when it matters most, around the holidays.”
The lower cost of power will be reflected in a lower Power Cost Adjustment (PCA) on members’ power bills in November and December. The amount of savings for each member will vary based on how much electricity is used.
The PCA reduction will mark the third time this year Clay Electric members have had a lower power bill. In March, Clay Electric members were refunded $12 million in Capital Credits and entitled members saw a credit on their bill. In April, the co-op lowered the cost of power by 25 percent to assist those in our communities experiencing financial hardship due to the COVID-19 pandemic.
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Capital Credits are a reflection of the fact that Clay Electric is a not-for-profit cooperative. This means that any margins left over at the end of the year after all expenses are paid is set aside in each member’s name to be refunded at a later date as Capital Credits. That’s a unique benefit of being served by a member-owned cooperative.
Clay Electric Cooperative is an incorporated, member-owned, not-for-profit electric power supplier. Headquartered in Keystone Heights, Clay Electric Co-op serves more than 185,000 member-owned accounts in 14 counties. The cooperative has six district offices: Keystone Heights, Orange Park, Lake City, Gainesville, Salt Springs and Palatka.