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Posted onCheap Electricity Rates for Spring?
Natural gas prices are finally coming down after a rough year. With spring coming with cheap natural gas prices, electricity rates are bound to fall. But how will this affect your electricity bill? And should you shop for a new rate?
Cheap Natural Gas Effect Electricity Rates
The number one fuel used to generate electricity in Pennsylvania is natural gas. As a result, as the price of natural gas changes so does the cost of electricity. And as more coal fired plants close or convert to natural gas, the more impact that natural gas prices will have on PA electricity prices. And customers will see those changes in the electricity market.
Natural Gas Prices Have Been Volatile
Over the last year, natural gas prices skyrocketed, reaching a high of $9.00 per mmBTU in September. There are many reasons the prices jumped. Winter weather in Texas froze many pipelines in February 2021, lowering production and squeezing the supply. In addition, Russia’s invasion of Ukraine led to import and export bans that made the market unstable. To top it off, we were projected to have a cold winter, leading to higher natural gas prices.
Thankfully, this winter has been mild. Natural gas usage fell and reserves increased. As a result, natural gas prices are finally lowering. The most recent wholesale prices have been staying quite below $2.75 per mmBTU, a rate not seen since September, 2020.
Shop Now for a Cheap Electricity Rate
PTC rates have dropped already this March in response to cheaper natural gas. But you can save even more money shopping for a new electricity plan. Electricity demand tends to be lowest in the spring because temperatures are mild. There's neither a high demand for heating nor cooling. So, as electricity demand bottoms out in April, so will rates.
However, this rate lull won't last. Demand will start going back up in the summer when people begin using more electricity to cool their homes. And prices will go back up with it. If you want to save money, keep an eye on electricity rates and purchase a plan this spring!
Shop with PA Energy Ratings
If you want to take advantage of lower electricity rates, this spring is the time to do it. If you want to get started finding low rates, there's only one place to go. Find the best electricity plan for you and read provider reviews all in one place. Shop today at https://www.paenergyratings.com
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