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Co-op expects increase in power costs in early 2009
September, 2008
 York Electric Cooperative expects the cost it charges for electricity to increase approximately 15 to 20 percent by the first quarter of 2009.
York Electric and 19 other South Carolina co-ops received news in July of impending power-cost increases from Central Electric Power Cooperative in Columbia. Central purchases wholesale electricity on behalf of 20 independent, consumer-owned electric distribution cooperatives around the state.
The double-digit jump, the greatest in three decades, follows escalating costs of all fuels — mainly coal, which fuels most of the power purchased through Central. "By working together, South Carolina's electric cooperatives get the best available wholesale price," said Paul Basha, York Electric's president and chief executive officer. "However, the best available price is significantly higher today than even a year ago."
 Basha noted that wholesale power costs are the largest expense for York Electric Cooperative, which is a not-for-profit, service-oriented business owned by its members. Basha said, "Through the years, York Electric has consistently implemented cost-saving measures and has been ahead of the curve. We've done everything possible to hold down costs." Basha continued, "In a cooperative, all costs are shared by the members. We will have to pass along these future power cost increases in order to maintain dependable service and to protect the integrity and financial stability of our cooperative."
York Electric's Levelized Billing payment option can lessen the impact of higher energy costs. Levelized Billing averages your monthly electric bills over 12 months. By signing up now, your electric bills will be easier to manage once the sharp increase in electricity cost takes effect.
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