OREMC Reduces Wholesale Power Cost Rate
May 3rd, 2023
Effective May 1, OREMC’s wholesale power cost rate decreased by $.012416 per kWh. Based on 1,000 kWh per month, for example, your OREMC bill will decrease by $12.41.
- You will recall OREMC announced two wholesale power cost adjustments in 2022—July and September— due to the unprecedented increases in the cost of natural gas, which in turn drove up the cost of power generation.
- This time last year natural gas prices had nearly tripled. As explained before, OREMC does not generate its own power, we buy it.
- Since OREMC is a consumer-member owned cooperative and doesn’t have stockholders, we don’t mark up these costs for a profit. The cost of power is simply a pass-through expense to our members.
- Like supply and demand of any product, the price of power can go up or down based on market prices. If there are significant cost increases OREMC adjusts for those by increasing the wholesale power cost.
- If the cost of power decreases, OREMC adjusts the wholesale power cost down.
Given natural gas prices have come down from historical highs and market confidence is for them to stabilize, the Board of Directors voted to reduce the wholesale power cost rate by half, from $.024832 per kWh to the $.012416 kWh.
Have billing concerns or usage questions?
If you have questions or concerns about your OREMC bill, please contact OREMC Member Services at 800-262-5131. They can review your bill with you, explain your usage and discuss billing/payment options.