Ensuring Rate Stability for Members - NEC Coop
Mar 8, 2021 — News
The February winter storm that shook the foundation of the Texas electric industry was a historical event. In fact, you may have heard about one or two electric cooperatives in the state filing for bankruptcy and the extremely high electric bills that some electric consumers are facing, we’ve worked hard to ease billing concerns and ensure confidence in our members.
At NEC Co-op Energy, our goal is to ensure stability during a crisis or emergency. We contract our power through South Texas Electric Co-op (STEC) and have taken proactive steps to actively manage and offset high market costs or spikes. This means that despite the unprecedented winter weather, our members will see no major impact on your electricity rates aside from increased kWh usage.
Who is South Texas Electric Co-op (STEC)?
STEC is a Generation and Transmission Cooperative serving eight member cooperatives of South Texas, including NEC Co-op Energy. As a nonprofit electric cooperative, we buy power from STEC, and then sell it to our members at cost.
Through our partnership with STEC, we have made strategic investments in generation resources. These investments allow STEC to continually generate and sell power during the winter event, offsetting some of the increased costs of supplying electricity to members. This method of buying and selling power into the market ultimately protected our members from drastic spikes.
As always, we will continue working with our members and have several options for payment assistance if needed, such as deferred payment plans and community action agencies who can offer support.
Please note: Legislatures, regulators and market participants are working together to ensure the Texas electric grid is prepared to meet extreme electricity demands in the future. We are closely monitoring any legal and regulatory changes that could affect our members.
As your electricity provider, we’re committed to looking out for our members and will continue our partnerships to ensure rate stability.
Thank you for being a valued member!
For more information, view our billing FAQs.