Why are electric rates skyrocketing in Ohio?
On May 15th, we published an article in Yahoo Finance that said electricity prices for most Ohio customers will double
On May 15th, we published an article in Yahoo Finance that said electricity prices for most Ohio customers will double
On May 15th, we published an article in Yahoo Finance that said electricity prices for most Ohio customers will double in June. In that article, we strongly advised Ohio customers to shop for a better deal.
This is a short update to help answer the question most Ohio customers are asking; why are electric rates skyrocketing in Ohio? And most importantly, what can they do about it.
Marc Reitter, AEP Ohio’s president and chief operating officer, sent an email to customers explaining the increase was due to “higher generation supply prices and increased energy use, especially during summer months.”
While this statement is true, the good news is Natural Gas, which is the largest source of power for the generation of Electricity declined this spring and is offering consumers an opportunity to secure rates with suppliers far below Ohio’s present utility rates.
But it is important to note this opportunity will likely be short-lived since, in the past, whenever rates have been this low in the spring, rates have been much higher by the fourth quarter, and it is highly likely prices this year will also be higher by the fourth quarter.
To take advantage of this short-lived opportunity to find lower electric rates in Ohio, customers can call (330) 967-1600 to speak to one of our licensed energy professionals or click here to find lower energy rates in Ohio.
Hopefully, the above empirical evidence helps you understand history is repeating itself, and Natural Gas and Electricity prices will likely be heading higher into the end of this year and throughout 2024 from present levels.
Ray Franklin
Energy Professionals
Senior Commodity Analyst
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