Georgetown -- $45 million for 7 days of electricity
Low temperatures coupled with high prices between Feb. 14 and Feb 20 forced Georgetown’s Electric Utility to spend almost $45 million to buy power during the coldest period in living memory, reported Daniel Bethaputi, manager of Georgetown’s electric utility during a special city council meeting Tuesday evening.
During that week, Georgetown customers used 16,110 megawatt hours of electricity, while wind, solar and gas production generated 12,956 megawatt hours. The utility had to cover the shortfall, 3,154 megawatt hours, through market price purchases that ended up costing $11,026 per megawatt hour.
After considering several options, the council voted to borrow money to pay the bill and then pay off the loan over a period of 10 years with money from the Power Cost Adjustment (PCA) that now appears on customer bills.
Although billing rates will not increase because of the freeze, the PCA will not disappear next year as the council had planned.
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