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G. Thomas Upshaw | President & CEO
The rising cost of fuel for our homes, businesses and cars is a problem
we all wrestle with daily. At a time when demand for electricity is greater than
ever, Palmetto Electric Cooperative’s costs for the fuel to produce our power supply
have also increased. So have other factors, such as the cost of materials used to build
and maintain our electric distribution system.
Even though electricity costs have been increasing, it might be helpful to
keep in mind the value we all get from the electricity we use: For about the price
of a fast-food meal, the average Palmetto Electric Cooperative member can power
his/her home each day. That’s 24 hours of heating, cooking, washing clothes, taking showers,
surfing the Internet and watching TV.
 It’s important to consider the value of electricity compared with other goods and
services. Over the past 20 years, when you look at rising prices, gasoline has skyrocketed
132 percent. Postage stamps are up 77 percent. Even a glass of milk is 55 percent
more expensive than two decades ago. Electricity is up about 30 percent over
the past 20 years. That is far below the nation’s inflation rate over the same period.
No one likes the fact that costs are rising all across the country, but our electricity
costs remain well below the national average. That is because coal is the fuel
for about 80 percent of the electricity used by South Carolina co-op members.
Using advanced environmental safeguards, coal is one of the most cost-effective
fuels used to generate electricity.
Although America’s reliance on foreign oil continues to rise, we have enough coal
reserves located within the United States to last another 250 years. That’s 39 times the
known U.S. reserves of natural gas and 54 times our oil reserves.
Even with the rising cost of power, please keep in mind that the cost for electricity
has remained relatively stable compared to other energy sources for consumers, particularly
gasoline, heating oil, natural gas and propane. And please remember that Palmetto Electric
is working hard to keep rates as low as possible while providing quality service for you, our
members.
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