Americans will pay more money to heat their homes this winter — and it’s not just because of inflation – By Rob Wile (NBC News) / Sept 22, 2022
A cold winter last year and a hot summer this year have conspired to send natural gas prices soaring.
Americans are about to see the biggest increase in their home heating bills in more than 10 years, and it’s not just because of inflation.
A new report from the National Energy Assistance Directors Association (NEADA), which represents the state directors of the Low Income Home Energy Assistance Program (LIHEAP), projects a 17.2% jump in average home heating costs this winter compared to last year, and a 42% jump in the cost of household electricity compared to the winter just before the pandemic hit.
The latest increase is the result of sky-high summer temperatures that sent the price of natural gas soaring as some customers cranked up their air conditioners to cool their homes, according to NEADA executive director Mark Wolfe. That spike in demand pushed prices higher, and was exacerbated by the retirement of coal-fired and nuclear plants, in favor of electric generators
Meanwhile, natural gas production has been slow to come back online after waves of shutdowns during the Covid-19 pandemic.
