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JEA Board Approves Fuel Rate Decrease
Jacksonville, FL - Today, the JEA Board of Directors approved a fuel charge decrease of $6.85 per megawatt hour with an effective date of February 1, 2016.
This reduction translates to a 5.56 percent decrease (just more than $7) in the electric portion of a 1,000 kWH a month residential customer’s bill and lowers JEA electric rates to the 2008 level. Commercial customers should receive a six to nine percent decrease depending on rate class. The rate is decreasing from $43.60 per megawatt hour to $36.75 per megawatt hour.
When fuel costs are lower than anticipated, JEA returns excess dollars to customers in the form of fuel credits or by lowering the fuel charge. Over the past three years, JEA has returned almost $170 million to customers in fuel credits. JEA reviews this rate annually as part of its pricing policy requirements.
JEA has a separate rate to recover fuel and purchased power costs. These costs are a pass-through to JEA customers and are broken out on the bill as the fuel charge.
The fuel charge is based on JEA’s fuel cost projections for the next 12 months and is structured to fully recover all expected fuel-related costs, as well as any requirements for the fuel stabilization fund over the coming fiscal year. The fuel stabilization fund allows JEA to manage fluctuations in fuel costs and helps to keep rates stable.
JEA is the eighth-largest community-owned electric utility in the United States and one of the largest water and sewer utilities in the nation providing electric, water and sewer service to residents and businesses in northeast Florida.