If this dry weather keeps up, some public power agencies in California, such as SMUD, might have to pay more for electricity.  That could mean your bill will go up.

With falling water levels in the state, Power Grid International reports that there's not as much hydro-electric production taking place.

Fitch Ratings is warning that utilities, such as SMUD, could end up paying for more expensive electricity produced by natural gas-powered plants.

Eight of the 14 Fitch-rated public power issuers receive from 10-30% percent of their power supply from hydro-electric resources.

It happened in 2012, and might have been the case last year, but they don't have numbers from 2013 yet.

Still, Power Grid International notes public utilities in California have been down this road before and have built up a cash reserve in many cases to reduce their vulnerability.