The latest Short-Term Energy Outlook has been published. This is a report produced by the Energy Information Administration, which is a division of the Department of Energy.
The report covers many aspects the energy industry including the commodities of natural gas, coal, global petroleum liquids, and of course electricity.
This month’s report reports an increase in the electricity rates in the first half of this year. That’s most likely a result of the Polar Vortex, the cold weather this past winter that hit the Northeast extremely hard. That record-breaking cold weather affected electricity rates across the nation, not just the areas in the northeast.
What is interesting to note is the electricity rate projections for next year show just mild increases. Just a 1.7% increase. From the report:
EIA expects the U.S. residential price to average 12.5 cents per kilowatthour in 2014, which is 3.1% higher than the average last year. The increase in average prices will be highest in the New England states, at 7.8%. Average U.S. residential electricity prices grow at a slower rate of 1.7% in 2015.
If those projections hold true, we’ll see only slight increases in our roughly 10 cent per kilowatt rates we have now.
Looking at electricity rates across the nation, Texas’ average residential electricity rate of 12.12 cents per kWh is below the national average of 12.97 cents per kWh. The US state with the lowest average residential electricity rate at the time of this latest report is Washington, which came in at 8.78 cents per kWh. The US state with the highest average for residential electricity rates was Hawaii with an off-the-chart rate of 38.66 cents per kWh.
Read the entire Short-Term Energy Report.
Do you know what you pay per kilowatt for your electricity? We find that most people are a bit confused as to what their true effective rate is.
For a free assessment of your current electricity situation, give us a call here at RoundRockElectricity.com.
Round Rock Electricity serves the Round Rock, Pflugerville, Hutto, and Taylor area of Central Texas!