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The Energy Information Administration (EIA) has released its most recent quarterly Short Term Energy Outlook. Here are some of the highlights of that report as it relates to the electricity market.
As 2012 comes to a close, the reports states EIA expects the nominal U.S. residential electricity price will rise by just 0.1 percent during year 2012, which would be the smallest year-over-year increase in ten years.
As far as the forecast for next year is concerned, the report states “residential prices during 2013 are projected to rise by 1.5 percent” to a national average of 11.98 cents per kilowatthour. The Texas average is just a bit lower.
We found an interesting side note in the report: According to the U.S. Department of Energy’s Hurricane Sandy Situation Report, at least 8.5 million customers were without power at some point as a result of Hurricane Sandy. The EIA expects these outages caused by Sandy will reduce October and November total retail sales of electricity in the Mid-Atlantic region by about 2 to 3 percent from their earlier forecasted level. That’s a substantial outage to have that big of an effect!
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You can view the full report here.