pedrosala/iStock via Getty Images
Higher electricity bills are looming across most of the U.S. this summer, as the Energy Information Administration forecasts the average monthly residential energy bill in the U.S. will rise to $173 in June, July and August, 3% more than a year ago.
The largest increases in electricity expenses are expected across the Pacific Ocean and in New York, New Jersey and Pennsylvania, while New Englanders can expect to receive smaller bills than in 2023 on average, as can residents of Texas, Oklahoma, Arkansas and Louisiana, even though they can anticipate another summer with the highest energy bills in the United States, the EIA said in a recent analysis.
This month will likely end up being the warmest June in records dating back to 1950, both in terms of actual temperature and cooling degree days, Maxar senior meteorologist Steve Silver told Dow Jones.
Air conditioning bills would be even higher if last winter hadn’t been so warm; With less need for heating, much natural gas was left unburned and prices plummeted during the spring, when gas demand is low.
US natural gas prices have begun to rebound as inventories have been depleted, and first-month July futures ended the week at $2.71/MMBtu, up 74% from the late low. March and 5% more than a year ago.
While renewable energy production is increasing, natural gas remains the dominant means of producing electricity in the US, accounting for 43% of utility-scale power generation last year – more than nuclear power. , coal and wind combined – said the EIA.
ETF: (NYSERCA:XLU), (UNG), (BOIL), (KOLD), (UNL), (FCG)