Home heating and electricity prices are expected to skyrocket in homes across the U.S. northeast this winter, according to National Grid.
During a conference call with reporters Tuesday, a National Grid spokesman stated that the average home heating bill this winter is estimated to increase by 39 percent for a cost of $943, up $263 from last year, the Times Union reported.
Electricity prices are also expected to increase by 22 percent, costing approximately $116 more than last winter.
“The forecast is based on average electricity use of 600 kilowatt-hour per month,” the company noted in a Wednesday press release.
The British gas and electricity utility company, which also services homes in the U.S. northeast, acknowledged the strain on customers due to higher energy costs.
“We recognize that higher energy prices will add to the financial burden for our customers who are struggling with higher costs at the grocery store, gas pump, and elsewhere,” said National Grid executive Melanie Littlejohn.
The utility company noted on Tuesday that home heating price increases are a result of wholesale natural gas costs, which are at their highest prices since 2006. National Grid also blamed an increase in gas delivery rates.
U.S. President Joe Biden signs executive orders after speaking about climate change issues in the State Dining Room of the White House on January 27, 2021, in Washington, DC. President Biden signed several executive orders related to the climate change crisis on Wednesday, including one directing a pause on new oil and natural gas leases on public lands. (Photo by Anna Moneymaker-Pool/Getty Images)
This is the second year in a row that utility prices are expected to be higher than the previous year under President Joe Biden.
Last year in November, home heating oil prices soared by a whopping 114.8 percent compared to 2020, while residential gas prices rose by 29.7 percent and residential electricity prices up by 5.6 percent, Breitbart News noted at the time.
This year, the U.S. natural gas futures markets are already up by 95 percent since last year, according to Forbes.
As Americans come to grips with the possibility of another winter of high utility prices due to high inflation, Europeans are bracing for a catastrophic energy crisis this winter as electricity prices astronomically soar from the previous year due to the West’s sanction war with Russia.
You can follow Ethan Letkeman on Twitter at @EthanLetkeman.
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