Today we are making our annual Expanded Net Energy Cost, or ENEC, filing with the Public Service Commission of West Virginia (PSC). We want to share with you what the filing is about and actions we are taking to keep higher coal and natural gas costs from causing a sharp rise in your monthly bill.
The purpose of regular ENEC filings is to adjust the amount included in rates to match closely the amount paid for the coal and natural gas (fuel) needed to run our power plants, for purchased power and related costs.
Coal and natural gas prices rose dramatically in late 2021 and remained high through 2022. This swift and steep rise led to us paying more per unit for these fuels than the amount included in rates, and unrecovered costs piled up quickly. As a result this ENEC filing requests $552.9 million for costs incurred but not yet reimbursed, and an $88.8 million adjustment to align ongoing ENEC costs with ENEC revenues.