What to expect on your July bill
Lower temperatures provided some relief but the relative humidity more than made up for it in June.
June 2023 was 2.1 degrees cooler on average than the same period a year ago. But the humid air made the “feels like” temperature higher, which prompts people to lower their thermostat to counteract it.
So, CoServ Members’ electricity usage could be higher on their bill than last year despite the Cooling Degree Days being 10 percent lower. Utilities use CDDs to measure electricity demand and usage over a period of time. However, the metric doesn’t account for humidity – only the average temperature.
Despite the high humidity, there was little actual rain – only three quarters of an inch were recorded in North Texas in June. That’s nearly three inches below normal.
Luckily, the cost per kilowatt-hour is lower than it was a year ago. CoServ accounts for fluctuations in wholesale electricity by adjusting the Power Cost Recovery Factor (PCRF). This month, the PCRF is 3 cents per kilowatt-hour lower than it was a year ago. That saves Members about $30 per 1,000 kilowatt-hour.
As an electric co-op, CoServ passes on savings to our Members.
Also, CoServ reevaluated the Securitized Charges Recovery Factor (SCRF), which it will do about every six months. On July 1, CoServ lowered the SCRF by $0.003 per kWh to $0.0054. That saves the average residential Member about 30 cents per 1,000 kWh. The SCRF allows CoServ to recoup the unprecedented costs from Winter Storm Uri. Click here to read more about Securitization.