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Electricity bills will rise in most parts of the United States this summer, with the Energy Information Administration predicting that the average monthly U.S. residential electricity bill will rise to $173 in June, July and August, an increase of 3% from the same period last year.
The largest increases in electricity bills are expected along the Pacific Coast and in New York, New Jersey and Pennsylvania, while New Englanders are expected to receive lower bills on average than in 2023, while Texas, Oklahoma, Arkansas and Louisiana So should residents of that state, even as they can expect another summer of the nation’s biggest electricity bills, the U.S. Energy Information Administration said in a recent analysis.
Maxar senior meteorologist Steve Silver told Dow Jones this month will likely be the hottest June on record since 1950, both in terms of actual temperatures and the number of cooling days.
If last winter hadn’t been so warm, air conditioning bills would have been even higher. Prices plummeted in the spring when natural gas demand was low as demand for heat fell, leaving large amounts of gas unburned.
As inventories are depleted, US natural gas prices have begun to rebound, with front-month July futures closing at $2.71/MMBtu this week, up 74% from the low in late March and up 5% from the same period last year.
Although renewable energy production continues to rise, natural gas remains the dominant method of generating electricity in the United States, accounting for 43% of utility-scale electricity generation last year, more than nuclear power, coal and wind combined, the EIA said.
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