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Chiefland, FL – (April 30, 2024) Central Florida Electric Cooperative is lowering the Wholesale Power Cost Adjustment (WPCA) for Members for the month of May. The reduction in WPCA was approved by the CFEC Board of Directors at the regularly scheduled April Board Meeting. With the recent addition of the Hurricane Idalia Recovery Cost and this reduction in the WPCA, members using the industry household average of 1,000 kWh of power will now pay $129.86 – less than the household average back in 2014.
The WPCA is a way for CFEC to adjust our rates to account for changes in the cost of fuel and other factors that affect the cost of generating electricity. This helps ensure that members are not paying more than they need to for their electricity, while also allowing the cooperative to withstand oftentimes volatile fuel markets. Our generation cooperative Seminole Electric uses natural gas to generate a large part of the electricity they provide to CFEC and the other distribution co-ops in Florida. Natural gas prices have remained consistently low over the first half of 2024, which has allowed CFEC the opportunity to pass along these savings to Members for the month of May.
The lower cost of power will be reflected in the WPCA on bills processed beginning May 1st through May 31st. Members will see the WPCA as a credit on their bill, which will vary in amount based on the amount of electricity used – with the average 1000 kWh member receiving a $3 credit.
CFEC's main goal has always been to provide the highest quality electric service at the least cost possible. This is no easy feat, but the Board of Trustees and staff work tirelessly to maintain costs and provide affordable electricity to CFEC members. Whether through the WPCA, capital credits, or the CFEC Educational Charity, CFEC believes in giving back to its members wherever possible and remains committed to providing our members with reliable, affordable electricity to power their lives.
For more information about the Wholesale Power Cost Adjustment and understanding your power bill, visit our Cost of Power page or contact the CFEC at (352) 493-2511.