Beginning this month, the co-op’s Wholesale Power Cost Adjustment (WPCA) will be set at zero, which means co-op members will see a change in their electric bills.

The WPCA in 2022 was a credit of $2.50/1,000 kWh of electricity from January – October. The board of directors voted to increase the credit to $6/1,000 kWh in November and then to $25/1,000 kWh in December.

Despite the overall rising cost of wholesale power last year, the gas hedging program implemented by the co-op's wholesale power supplier, NC Electric Membership Corporation, helped to remove the effects of price volatility for natural gas leading to savings in our wholesale power costs.

CCEC was also able to mitigate material cost increases by using cooperative buying power to make bulk purchases with other North Carolina co-ops through Tarheel Electric Membership Cooperation (TEMA). These efforts combined with the co-op's efficient operations enabled CCEC to provide a WPCA credit in 2022.

Financial projections for 2023 show a steady increase in power supply cost due to an increase in fuel cost for power generation and an overall increase in demand. Material and labor costs are also expected to increase. In developing the 2023 budget, co-op employees and board of directors worked to reduce expenses and mitigate cost changes as much as possible.

What will the WPCA mean for you in 2023?

We project that our residential members will use an average of 1,000 kWh a month, and the increase for that amount of energy usage would be an additional $2.50 per month over January – October’s bills.

“We are owned and directed by our members. We are driven by a mission of service — not profits,” said CCEC CEO and General Manager Jake Joplin. “Your directors know that any change in costs has an impact on family budgets, and your co-op employees will continue to work to mitigate costs while providing you solutions to help you better manage your energy use.”

Cost-of-service and rate study underway

In this ever-changing economic environment, completing a cost-of-service and rate study ensures that we continue to provide rates that are fair and equitable to all members while fulfilling our duty of keeping CCEC financially sound, and continuing to provide you, our members, with safe, reliable and affordable electricity.

Any rate changes will likely take effect with your October 2023 bill. Be on the lookout for more information about issues impacting rates, the results of the study, and more, in the coming months.

To learn about energy saving and home efficiency programs, visit ccemc.com/EnergySavings.