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Buyer Beware: Skyrocketing Gas & Electric Bills

On February 23, 2021 CNN Reports “Natural Gas Prices Soared 10,000%.

Rising costs incurred by the utilities and energy providers are contributing to exorbitant gas and electric bills for businesses and residential customers.

Natural gas prices are spiking to nearly 100 times typical levels. Extreme climates are to blame. New York, Pennsylvania, and Ohio are amongst those affected by extreme weather. Due to the lower temperatures, homes and businesses have increasing energy consumption which creates a higher demand for electricity. As a result, energy companies are charging the consumer significantly higher rates than usual.

With recent low temperatures, widespread blackouts and emergency conditions, we’re seeing electricity prices reach $2,000 per MW (megawatt) for days on end. Typically prices average $40 per MW. This should be a clear red flag for the everyday consumer to monitor their energy bill closely, and be sure that your energy supplier has protections in place.

The list of horror stories in the news and posted to social media is growing by the day, explaining what can happen when demand is high and prices are able to skyrocket. Consumers have been forced to become more educated, and are now in search of billing features that safeguard from surge pricing.