The Energy Information Administration of the US Department of Energy as published the quarterly Short-Term Energy Outlook.
Here is the excerpt of the “Electricity Prices” portion of the report.
EIA expects the U.S. residential annual average electricity price to increase by 3.1% this year, which would be the highest growth rate since 2008, primarily in response to higher fuel costs for power generation. The largest price increases occur in the Northeast region. Projected residential prices increase by an additional 2.4% during 2015.
You see that the EIA expects an annual average electricity price increase of 3.1%. To put this in perspective, if a rate of 10 cents per kWh was to increase 3.1% it would then be 10.31 cents per kWh. Not a substantial increase. In a home that used 1500 kWh’s a month a 10 cent electricity rate would produce a $150 monthly electric bill. With the 3.1% increase that same usage would produce a bill for $154.65.
Read the entire Short-Term Energy Outlook here.
Residential Electricity Rates
