Just last month, Carteret-Craven Electric Cooperative had to increase its wholesale power and fuel cost adjustment (WPFCA) to meet unanticipated power costs, and we’ve got to do it again. Because of a spike in natural gas prices in June and a jump in the system average energy costs from our power suppliers in late July, we must pay an additional $1.1 million in wholesale power and fuel costs. To do that, we have added $3.25 to the WPFCA, bringing the total to $12 per 1,000 kWh.

We are frequently asked, ‘When will the adjustment go away?’ In today’s climate, there’s no way to answer that question with certainty. As we have said before, with global competition for fuels and with Congress likely to pass stringent energy policies, there doesn’t appear to be any end to the instability in the near future.