Clay Electric Cooperative is lowering the cost of power for its members in September. This means members using the industry household average of 1,000 kWh of power will pay $120, a $3 savings. The previous cost was $123.
This PCA reduction will mark the fourth time this year Clay Electric members have had a lower power bill; their cost of power has fallen nearly 20 percent since January. In March and April, the co-op lowered the cost of power by 11 percent. Also in March, Clay Electric members were refunded $12 million in Capital Credits and entitled members saw a credit on their bill. The cooperative lowered the PCA again in July.
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 Ricky Davis.
The lower cost of power will be reflected in a lower Power Cost Adjustment (PCA) on members’ power bills. The amount of savings for each member will vary based on how much electricity is used.