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SEC’s Power Supplier Announces Rate Increase

Tuesday | May 3, 2022
All News

SEC’s Power Supplier Announces Rate Increase

Everyone is experiencing higher costs for just about everything these days, and your electric cooperative is no different. US prices for energy commodities such as crude oil, natural gas, gasoline and diesel have increased significantly in recent months.

As a result of higher natural gas prices, Old Dominion Electric Cooperative (ODEC) has instituted a rate increase to cover the higher generation costs resulting primarily from those natural gas price increases. Along with 10 other electric cooperatives in Virginia, Delaware and Maryland, SEC is a partial owner of ODEC.

Beginning May 1, ODEC will increase its costs to all its 11 cooperatives by $2.32 per MWh, or 0.232 cents per kWh. What does this mean to our members? For a typical residential household that uses 1,000 kWh of electricity monthly, an increase of $2.32 will be seen.

“In recent years, it has been very unusual to have any mid-year rate change by ODEC, but the higher costs for natural gas used to generate electricity, coupled with the volatility, in the markets have necessitated this rate increase,” said Vice President of Finance and Corporate Services Jason Loehr.

Virginia is not the only state experiencing this volatility.  Our entire region and many areas around the country are facing this.  The high winter demand for natural gas coupled with cold temperatures (particularly in January) impacted the price of natural gas, and significant volatility on some days drove short-term prices even higher. As consumers have seen, Russia’s invasion of Ukraine has put further strain on price increases, as have other global economic factors.

“SEC is committed to providing an exceptional experience at an affordable cost, and part of that experience is being transparent with our member-owners,” concluded Loehr. 

 

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Southside Electric Cooperative, a not-for-profit, member-owned electric distribution company, has more than 57,700 active services across 18 counties in central and southern Virginia. Headquartered in Crewe, SEC has district offices in Altavista, Crewe, Dinwiddie and Powhatan. This institution is an equal opportunity provider and employer

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Southside Electric Cooperative 


2000 West Virginia Ave.
Crewe, VA 23930

Member Services:     
1-800-552-2118      

Outage Reporting:     
1-866-878-5514 

 

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To safely provide our members with electric service at the lowest possible cost, consistent with sound business practices.

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  • Home
  • My Cooperative
    • About SEC
    • Contact Us
    • Board of Directors
    • Management
    • Corporate Documents
    • Capital Credits
    • Office Locations
  • Member Services
    • My Account
    • EZpay
    • Membership Application
    • Programs & Services
    • Net Metering
    • Vegetation Management
      • Overview
      • Line Maintenance
      • Brush Control
      • Aerial Trim
      • Planting Tips
    • Rates & Fees
    • Insurance Claim Form
  • My Community
    • Cooperative Living Magazine
    • Scholarships
    • SEC's Hooper Park
    • Youth Tour
    • Day in the Life of a Lineworker
    • United We Light: Project Bolivia
    • Energy Assistance
    • Careers
    • Used Pole Release
    • For Kids
      • Kids Corner
  • Outages & Safety
    • Outage Texting
    • Outage Center
    • Overhead Line Safety
    • Generator Safety
    • Outage & Storm Preparedness
    • Major Outage FAQs
    • VA 811
    • VA Department of Emergency Management
  • Save Energy
    • Ways to Save
    • Electric Vehicles
  • Government Relations
    • VMDAEC Legislative Map
    • Who's My Legistator? Virginia General Assembly
    • CO-OPS VOTE
    • Virginia Department of Elections
    • Virginia Public Access Project
    • Path To U.S Citizenship
    • VMDAEC Legislative Guide
    • Powering the Future