Energy Cost: Increased Electric and Gas Prices for Texas Residents this January

Texas is experiencing an unprecedented increase in electric rates and gas prices.

Electricity: a part of everyday life for most of us. The need for electricity can’t be disputed and Texas homeowners pay for it, no matter what. Unfortunately, Electric and Gas Bills are going up all across Texas and chances are you have already felt it. Here’s a quick summary of why it’s happening.

CoServ and 15 other co-ops across 68 counties in Texas buy electricity from Brazos Electric with CoServ being the largest member, accounting for approximately 33% of Brazos’ electric sales.

After the extreme freeze in February 2021 (Winter Storm Uri) Brazos filed for bankruptcy. Retail Electric Providers and Cooperatives are having to absorb and distribute these costs to their customers and Members.

Texas Legislature enacted Senate Bill 1580. This securitization financing (SCRF) will allow CoServ to spread these costs over a period of 25 years to keep your monthly bills lower than they would be absent the securitization financing. 

CoServ Members will start seeing the Securitized Charges Recovery Factor (SCRF) appear on their bills in or about January 2023

At present, CoServ estimates that the SCRF will add $0.0057 per kWh to your bills, or approximately $5.70 per 1,000 kWh used.

To read the full article from CoServ click HERE