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Electricity Prices Rise
Electricity Prices Rise
Residential electric bills increased $5 and averaged $122 a month in 2021, according to the US Energy Information Administration (EIA). The change came even though usage dropped. The trend is expected to continue in 2022 as energy companies, like other businesses, struggle with macro economic issues, rippled effects from the pandemic and war between Russia and Ukraine, impacting product pricing.
Consumers paid $122 monthly in 2021. The low was $82 per month in Utah. and the high was $178 per month in Hawaii, despite having the lowest average residential consumption of any state. The average US resident price paid to utilities rose 4.3%, from 13.2 cents per kilowatthour (kWh) in 2020 to 13.7 cents/kWh in 2021.
The changes came even though demand dropped. Utility electricity consumption per residential customer averaged 892 kWh per month in 2021 compared to 893 kWh per month in 2020.
Changes on a Global Scale
The ripple effects from the global pandemic continue to reverberate. Supply chains have been in flux and corporations have grappled with implementing new work at home models.
Prices for commodities, like oil and gas, have been rising. The war between Russia and the Ukraine has been one factor making forecasting and load management quite difficult.
The end result is grid professionals are in a precarious position. They need to upgrade their grid infrastructure, meet rising customer demand, and still run a profitable company. Therefore, finding new ways to maximize energy delivery, automate grid functions, and minimize its costs has moved higher up executives’ priority list.
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