Data suggesting a future increase in the costs of generating wholesale electricity has led to Clay Electric implementing a rate increase, which will be reflected in members’ January billing cycle in a Power Cost Adjustment (PCA).

During the January billing cycle, members using the industry household average of 1,000 kWh of power will pay $132, an increase of $12. The additional amount each member pays monthly varies based on how much electricity is used.

In 2023, Clay Electric was able to lower the cost of your power four times through PCAs, which added up to a 20 percent drop from last January to its lowest point in 2023.

The PCA is a separate line item on each Clay Electric billing statement, which reflects either an increase or decrease in the co-op’s cost of power. When the cost of power is greater than the amount included in the base rate, the PCA is a charge, while when the cost is less, the PCA is a credit.

Notably, the forecast points to an increase in the cost of natural gas, which is the primary source for generating electricity in Florida, and it’s a sizable part of the generation mix for the Seminole Electric Cooperative, Clay’s wholesale power provider.

Remember, as a not-for-profit cooperative, Clay Electric members receive power at-cost. At the end of each year when it’s determined how much revenue exceeds total expenses, our members will receive the difference as a capital credit, which is based on the amount each member was billed for electricity during the year.