Since early 2021, we have seen record-breaking inflation that has greatly impacted prices of the materials and equipment we use daily. On average, we have seen a nearly 200% increase in some of our most-used equipment and material prices. These increases are just the tip of the iceberg, as almost every cost associated with daily operations has increased substantially over the last three years.
Gulf Coast Electric Cooperative realizes during these times of historical inflation, our impact on our members’ finances is of the utmost importance. This is why we’ve developed a rate design that combines the recent decrease in natural gas prices with a small increase in GCEC base rates. This rate design ensures that the cooperative continues to be financially sound by meeting its financial ratios but also allows most GCEC members to see a decrease of approximately 5% on their monthly power bills.
Along with the changes to our existing rates, GCEC is also offering a new option for our net-metered members, providing them with an increased payback value for the kilowatthours they generate and sell back to the grid.
On September 19, the GCEC Board of Directors unanimously approved a plan that would better secure GCEC’s financial position for the future and give its members a little relief during these extraordinary times.
This rate adjustment will take effect October 31.