North Texas got a bit of a reprieve from the summer heat in the second half of July so electricity use should increase only slightly more than June but nowhere near what we experienced in July 2023.
Also, CoServ Members will pay a lower rate and eligible Members will notice a special bill credit this month, too! Read on to find out more.
| June | July | Difference | |
| Average temperature | 84.2 | 85.1 | 0.9 degrees warmer |
| Cooling Degree Days | 585 | 630 | +8% more AC use |
| Utilities and the federal government measure the impact of weather on energy usage by calculating Cooling Degree Days (CDD) and Heating Degree Days (HDD). To calculate the CDD, take the average temperature for a day and subtract it from 65. The higher the number, the more air conditioning will be needed to keep your home comfortable. Click here for more information on calculating CDD. | |||
Looking back at last year, energy usage for July 2024 should be 17 percent lower than July 2023, based on the CDDs.
There were only six 100-degree days in July and five nights where the temperature was 80 degrees or higher. Most nights were in the 70s, which is quite a treat for a Texas summer!
Rates
CoServ can’t take credit for the milder July weather but we do control 100 percent of our power purchases, and, as a result, CoServ Members will pay a lower per kilowatt-hour rate this month.
CoServ lowered the Power Cost Recovery Factor (PCRF) by 1 penny to -0.015 cents per kilowatt-hour. That shaves 1.5 cents off CoServ’s already low base rate so Members will pay $0.119802 cents per kilowatt-hour.
CoServ adjusts the PCRF monthly to account for fluctuations in wholesale power costs. When wholesale power prices drop, CoServ passes on the savings to Members by lowering the PCRF. The one penny reduction saves Members about $10 per 1,000 kWh compared to last month’s bill.
Click here to learn more about how your CoServ rate is calculated.
Capital Credits
CoServ Members who joined the cooperative prior to January 2024 will also notice a bill credit this month. That’s a Capital Credit retirement, one of the biggest advantages of being a Member of a co-op.
Each year, annual margins, or excess revenue, from the previous year are divided proportionally among CoServ Members based on their annual energy purchases. CoServ maintains Capital Credit accounts for each Member until the credits are retired, or paid, in full.
The CoServ Board of Directors reviews company finances, and when our financial condition permits, the Board may retire (pay) a portion of the Capital Credits to our Members based on their allocated share.
This year, the Board voted to retire $12 million in Capital Credits. All eligible active Members will receive the Capital Credit as an August bill credit. Former Members will receive a mailed check at the most recent address on file.
Click here to learn more about Capital Credits.
“Even with the recent milder weather, we know Texans might have some anxiety about their August electric bill,” said Stephen Meers, Senior Director of Customer Operations. “By making smart power purchases, we were able to lower the cost per kilowatt-hour for our Members. And the CoServ Board of Directors voted to retire Capital Credits and apply them to eligible accounts for August, providing additional relief. Together, these are some of the biggest advantages of being with an electric cooperative versus a for-profit utility.”
