Conway Corporation issued the following announcement on June 23.
Each month your Conway Corp electric bill has a line item for our Cost of Power Adjustment. Some months you will see that as a credit. Prior to March 2021 we had 15 consecutive months of a credit for the cost of power. That means our costs were less than we budgeted and we passed this credit on to our customers.
However, for the past couple of months you may have noticed an increase in that charge. This reflects the increases in the cost of power from our ownership in generating power plants in Arkansas and the power we buy on the wholesale power market.
A number of factors affect the cost of power including weather, demand, oil and gas prices, the cost to transport fuel, etc. Along with natural gas, the price of electricity we purchase for our customers has increased significantly over the past six to eight months as a result of volatile power markets nationwide.
Most utility companies in the United States are experiencing these increases. Like other utilities, Conway Corp establishes retail rates to recover the cost of provided electric service to our customers. These costs include wages, materials, supplies and wholesale power purchases. Our retail rates do not fluctuate and a base power cost of $.0395 per kWh is included in our rates. If our true power costs exceed $.0395, the incremental increase is passed on to our customers.
Based on forecasted energy prices and consumption, the Power Cost Adjustment for June bills is $0.042523. We anticipate there will continue to be a charge for the foreseeable future.
It is important to understand none of these increased costs stay with Conway Corp; every dollar of the PCA increase will be used to pay for the increased energy costs we are experiencing. We monitor our energy costs very closely and will make additional adjustments should conditions change in the months ahead.
We encourage you to take measures to reduce your energy usage. Taking simple actions like these during hot summer weather helps conserve energy and saves you money on your utility bill:
Set your thermostat at 78 degrees or higher. Bump it up a little more if you are leaving home. Maintain your air conditioning unit with seasonal tune ups and change filters monthly during the hot summer months.
Use fans and point them in your direction to feel 4-6 degrees cooler. Set ceiling fans to run counter-clockwise.
Lower window shades and blinds when they are in direct sunlight.
Avoid using large appliances like an oven and clothes dryer. Grill and line dry when you can.
Unplug appliances and electronics when you are not using them. When the wire is connected it consumes energy, even if the appliance or device is turned off.
Original source can be found here.
Source: Conway Corporation
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