Natural Gas Prices Are On The Rise And They’re Taking Electricity Prices With Them
Natural gas and electricity prices have risen to their highest levels in decades – and this steep increase in energy rates has left many U.S customers wondering:
Why are my utility bills so high?
While rising costs can be attributed to a variety of factors, some of the most notable reasons for rate spikes include:
- Natural gas storage at record lows: Higher demand for heating during the winter left U.S. natural gas storage at its lowest levels. This below-average supply signals an impact in prices as demand increases during the summer months.
- Weather conditions: Rising temperatures and extreme weather events like heatwaves and hurricanes drastically impact supply and demand, system reliability, and the price of power.
- Russia’s ongoing war with Ukraine: Russia is the second-largest producer of natural gas globally, however, Russia’s ongoing war with Ukraine has led to a supply shortage that is pushing gas prices and inflation higher.
Families and businesses are feeling the bill spikes.
When Will Energy Prices Go Down?
According to the U.S. Energy Information Administration (EIA), retail prices will only continue to rise in 2022. With no sign of slowing down for providers, spikes in utility bills are making a serious impact on millions of consumers’ household expenses.
Source: (Henry Hub Natural Gas Spot Price – ycharts.com)
Growing supply constraints coupled with record demand expected during the summer months and the impact of weather events like hurricanes result in many families looking for ways to avoid energy bill spikes.
How To Take Control Of Your Electricity Bills
Just Energy, one of the leading North American distributors of Electricity & Natural Gas, offers affordable fixed-rate plans to help take the ups and downs out of your monthly energy bills.
When you enroll, not only do you get reliable service and unmatched customer support, but you also get convenient and flexible term options. That means the longer your contract term, the longer you’re protected from fluctuating prices.
With electricity plans made for every budget, home, and lifestyle, you don’t have to let rising rates catch you by surprise!
Get peace of mind and price security by enrolling in a fixed-rate electricity plan today.
