GRU is lowering its electric fuel adjustment to 50 Mills effective June 1 as natural gas prices have eased, enabling utility customers to reduce bills in time for summer.
GRU does not make money on the electric fuel adjustment portion of its utility bill, instead passing through its fuel costs with no profit. GRU regularly evaluates this charge and increases or lowers it based on market conditions.
By reducing the fuel adjustment 50 Mills, GRU lowers a 1,000 kWh residential electric bill $5, from $156.60 to $151.60.
GRU takes steps to mitigate increases by participating in long-term, pre-paid fuel arrangements and by maintaining a fleet of power plants that runs on a variety of fuel sources; however, the utility increased the fuel adjustment in recent months to recoup higher-than-expected fuel expenses caused by winter storms.
“Natural gas prices have come down, so we’re able to provide some relief just in time for summer,” said GRU CEO Ed Bielarski. “We will continue to monitor fuel costs and make monthly adjustments as necessary.”
FAQs about the fuel adjustment.