During the month of December 2022, the country experienced a deep freeze during which, temperatures in Alabama plummeted well below freezing for several consecutive days. For instance, for 7 nights straight, we had temperatures that ranged between 12 and 27 degrees, and we had 12 nights where temperatures were at or below freezing.
As a result of these extreme weather conditions, we were informed by our wholesale power supplier that natural gas prices spiked and they were passing this increase on to UBT. As a result, the UBT Board held an emergency meeting on January 17th and voted to increase our power cost adjustment by $0.18055 cents per kWh to cover this increase in our wholesale power cost. Our wholesale power cost will remain elevated through the remainder of this fiscal year, which ends September 30, 2023.