February 4, 2009

Dip in Natural Gas Prices Reflected in Lower Electric Bills

Florida Keys Electric Cooperative members have enjoyed a decrease in their electric bills recently due to lower natural gas prices.

FKEC purchases more than 99% of its power from Florida Power & Light and the cost of that power is passed directly to FKEC members. Natural gas fuels 50 percent of FPL’s electricity generation.

"FKEC members have seen a six to seven percent decrease in their power cost for the past two months," said FKEC Board President David Ritz, "and we expect that trend to continue for at least the next two to three months."

The price of natural gas rose more than 30 percent between the summers of 2007 and 2008, prompting higher power costs as fuel charges were passed through to all electricity consumers.

"We hope the trend in lower fuel prices continues, but it’s impossible to predict with the volatility of the fuel markets," said Ritz. "FKEC continues to offer free home and business energy audits and energy conservation information to help our customers manage their energy usage."