CT 2022 electricity rates spike
Energy in CT isn’t cheap. CT energy customers already pay some of the highest electricity rates in the country. But they may also be gearing up for difficult and expensive summer months. And the worst part is that predictions point to prices rising even higher. Let’s take a look at why CT’s electricity rates are on the rise.
How weather affects electricity rates
Many CT energy customers have been enjoying the recent shoulder months. But those cheaper months are over and soon CT could be looking at an especially hot and rainy summer. And in a recent Natural Gas Weekly report the EIA writes that, “Most prices along the Gulf Coast rise as a result of forecasts of higher temperatures and rising air conditioning demand.” In other words, keeping cool may cost significantly more this year.
Natural Gas Production and CT
In addition, many countries are leaning towards U.S. natural gas to help wean them off Russia supplies. And that sudden spike in demand has increased prices. But the problem is growth in U.S. natural gas production has been lagging because there’s not enough natural gas pipelines to carry the gas to power plants. As a result, natural gas supplies constrained. And when supply can’t meet the demand, electricity prices rise.
What About the CT EV Law
Recently, Governor Lamont signed the Connecticut Clean Air Act. The law is aimed at shifting towards electric power and lower carbon emissions in CT. For example, it would require the state to convert its fleet of cars and light-duty trucks to electric models by 2030. In spite of opponents’ fears, this law is unlikely to contribute to rising rates. But EV owners may pay more on their monthly energy bills to juice up their cars.
Shop For Better CT Electricity Rates
All these factors point towards a challenging future for CT electricity pricing. UI’s July price to compare rates are barely cheaper than current rates. And while we don’t know what Eversource’s July rates will look like it may not be the savings you need.
So now is the time to run and shop for fixed-rates. Because with CT electricity rates rising, the best deals may not be around for long. Also, many energy suppliers add value with rewards, discount and rebate programs, or cash-back deals. So, now may be the best time to think long-term.
CT Electricity Rates and You
Many CT energy customers stop and ask why the rates are spiking so dramatically. And there are a lot of factors that play into it. To be sure, high cooling demand this summer and natural gas supply constraints are some of the biggest factors. But customers can avoid paying too much for their electricity later this summer. All you need to do is shop smart to lock-in better rates and weather the coming storm.
You can keep up with the news that affects your bills at https://www.ctenergyratings.com. You can also shop for great plans and find ways to save money on lower electricity rates.