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Report: Electric bills set to shock

Report: Electric bills set to shock
Big News Network.com
Friday 11th November, 2005 (UPI)

U.S. electricity rates are 46 percent higher than a year ago, an industry group said Friday.

U.S. wholesale day-ahead power prices in early November averaged $81.21 per megawatt hour compared to $55.72 per megawatt hour in early November 2004, said Platts National Daily Power Index.

The year-to-year increase, driven largely by much higher natural gas prices, was even greater before day-ahead wholesale electricity prices fell 21 percent, or $21.06, from early October, when the Platts National Daily Power Index stood at $102.27.

Natural gas prices have come down somewhat from their post-hurricane highs, and that means lower power prices, said Mike Wilczek, electric power market specialist for Platts.

The usual 'shoulder season' price declines came late this year with hurricane damage driving up fuel costs for generation. Still, when you look at how much prices have risen since last year, it's quite dramatic.


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