Jones-Onslow is pleased to announce that customers will see a credit on their electric bills starting this month and continuing for the remainder of 2013. The credits that customers will receive are due to several factors.
First, the cost that the cooperative has paid for wholesale power during 2013 is less than what was originally projected and budgeted. Every year Jones-Onslow receives an estimation from it’s power supplier, North Carolina Electric Membership Corporation (NCEMC) of what its wholesale power costs will be for the coming year. As time progresses and the actual wholesale power costs are realized, Jones-Onslow must “true up” with NCEMC. This year, that “true up” is a credit. Jones-Onslow was able to purchase power for 3.4% less than what was budgeted in 2013.
A second factor that has contributed to these credits is that Jones-Onslow continues to grow and add new customers each and every month. With the added customers in 2013, more electricity has been purchased than was projected—because of the additional purchases, the cooperative has generated more revenue.
A final factor that has played an important role in the credits is that the cooperative has operated its day-to-day business operations in an extremely efficient manner. As of the end of August, the cooperative’s operations, maintenance, and fixed expenses were almost 8% below what was budgeted for 2013.
Starting with this month’s bill, the credit will be shown as a WPTA (Wholesale Power and TIER Adjustment) credit line item. The projected credit will be $20 per 1,000 kilowatt-hours of electricity used. So, customers who use 1,000 kWh a month will receive a credit of $20; 1,500 kWh used will result in a $30 credit; 2,000 kWh used will receive a $40 credit; and so on.
“With everything going on with the economy today and with the holiday season just around the corner, we are glad to be able to provide these credits to our customers,” said CEO Ron McElheney. “We will continue to work each and every day to operate our business as efficiently as possible while maintaining dependable, reliable electric service to our customers.”