Natural gas prices are soaring and the price of electricity along with it. How much more are you paying?
CPI data from the BLS via St. Louis Fed, chart by Mish
Electric Rates in Texas Have Surged Over 70% as Summer Kicks In
On June 2, the Dallas Morning News reported
'We're in trouble': Electric Rates in Texas Have Surged Over 70% as Summer Kicks In
Quote:
The price of natural gas has increased even more than crude oil, but many consumers may not have noticed. They will soon enough in higher electric bills.
How much higher? Over 70% higher than a year ago for residential customers in Texas' competitive market, according to the latest rate plans offered on the state's Power to Choose website.
This month, the average residential rate listed on the site was 18.48 cents per kilowatt hour. That's up from 10.5 cents in June 2021, according to data provided by the Association of Electric Companies of Texas.
For a family using 1,000 kWh of electricity a month, that translates into a monthly increase of roughly $80. Over a full year, that would sap nearly $1,000 extra from the family budget.
"We've never seen prices this high," said Tim Morstad, associate state director for AARP Texas. "There's going to be some real sticker shock here."
