The US Energy Information Administration’s (EIA) recently announced that this year’s winter (October to March) will be likely be colder than last year’s. While last winter was actually very mild and heating bills were, it means that it’s likely staying warm is going to cost you a lot more this year:
- An average winter natural gas heating bill could be 22% higher —more than $600!
- By comparison, heating oil usage could be 38% higher than last winter — over $370. With crude oil prices inching up by 50¢ higher than last year, EIA estimates homes using heating oil could spend $556 more than last winter.
How Much Colder Will It Get?
Last winter, temperatures were mostly mild throughout the northeastern US and this was largely due to the effects of a powerful El Niño weather pattern in the Pacific ocean. This year, the El Niño is gone and might be replaced by a La Niña weather pattern that could bring somewhat colder temperatures. While National Oceanic and Atmospheric Administration (NOAA) predicts winter temperatures may be close to normal in many parts of the country, EIA points out that these temperatures will be 13% colder —and more costly— than last winter. Demand for heating fuel throughout the region could well lead to higher heating fuel prices as this year’s winter deepens…and also higher electricity rates.
How does natural gas price effect my electric bills?
In 2015, natural gas contributed almost half of the state’s net generation. So, if there’s higher demand for natural gas as heating fuel, the commodity price will rise. Cold snaps may even cause price spikes. Generators using natural gas will be forced to charge more per kWh to cover their costs. It’s then only a matter of time until those rate increases find their way to your utility bills.
Are you satisfied your current energy supplier is giving you a good deal? Will your electricity be affordable when you need it most?
If not, then it’s time to shop for a new energy supplier at CTEnergyRatings.com. By locking in today’s low electricity rate on a 12 month/cycle contract now, you can protect your family from expensive electricity bills in middle of winter’s coldest months.
And when you do find a great deal, be sure to share your story with other consumers here at CTEnergyRatings.com. By contributing their experiences of the best and worst, customers can take a hand in making the energy industry better for everyone in Connecticut.