Electric Bills Soar Across Country as Winter is Approaching

A liquefied-natural-gas vessel waited to be loaded at a facility in Louisiana this spring. PHOTO: MARK FELIX/BLOOMBERG NEWS

Electric Bills Soar Across Country as Winter is Approaching

U.S. utility customers, faced with some of their largest bills in years, are set to pay even more this winter as natural-gas prices continue to climb.

Natural-gas prices have more than doubled this year because of a global supply shortage made worse by the war in Ukraine, and they are expected to remain elevated for months as fuel is needed to light and heat homes during the winter. The supply crunch has made it substantially more expensive for utilities to purchase or produce power, and those costs are being passed on to customers.

From New Hampshire to Louisiana, customers’ electricity rates are increasing. The Energy Information Administration anticipates the residential price of electricity will average 14.8 cents per kilowatt-hour in 2022, up 7.5% from 2021. The agency forecasts record gas consumption this year amid surging prices, in part because power producers are limited in their ability to burn coal instead due to supply constraints and plant retirements.

Source: the Wall Street Journal, Katherine Bunt

To read more, click here: https://www.wsj.com/articles/electric-bills-soar-across-the-country-as-winter-looms-11663493404