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Prepare for higher heating costs this winter
Posted: October 13, 2021 by Tom Content
Brace yourselves for higher heating bills this winter, Wisconsin.
Wisconsin utilities and the Energy Information Administration are warning of higher heating costs this winter given natural gas prices that are twice what they were a year ago.
Depending on how severe the winter is, households could pay hundreds of dollars more this winter compared with last winter, when natural gas prices were much lower.
We Energies said its customers can expect an increase of $25 a month, and Wisconsin Public Service, based in Green Bay, warned that heating costs could be up $40 a month, during the winter, assuming normal weather. Customers of Madison Gas & Electric can expect increases in the range of $25 to $30 a month. The cost for Xcel Energy customers may be even higher, at $45 to $65 a month. And the federal Energy Information Administration is also warning of much higher prices this winter, for the November-through-March heating season, for customers using natural gas or propane for heat.
The latest spot prices from the natural gas markets indicate that prices are much higher than they’ve been in years. And that’s on top of increases customers in Wisconsin are already seeing because of the cascading effects from the February winter storm that prompted homes across Texas to go without power for a week.
The impact of the winter storm Uri was felt as far away as the Upper Midwest because of spikes in natural gas prices caused by the sudden shutdown of natural gas pipeline infrastructure that hadn’t been properly winterized. Federal energy regulators last month urged utilities and natural gas pipeline operators to take steps to ensure that energy equipment is winterized.
The state Public Service Commission allows natural gas utilities to recover the cost of their equipment, such as mains and meters, but the price of the gas itself is not regulated by the PSC nor by the federal government. Those prices rise and fall based on market supply and demand conditions. CUB focuses much of its advocacy on the electric side of utility costs, because is able to have more impact there in keeping increases in check.
The surging prices come at a time when many Wisconsinites are still struggling as the economy recovers from the COVID-19 pandemic. How high heating costs go will depend on several factors, especially how frigid the temperatures get and whether energy markets continue to see price spikes.
Prices have spiked in part because of a resurgence of economic activity and in part because of global conditions and increasing exports of natural gas.
Customers who are struggling financially are eligible for energy assistance, and Congress has appropriated more money this year to help homeowners and renters who are behind on their utility bills. Wisconsin has rental and mortgage assistance programs to help consumers, and both of those programs can help with utility bills for struggling customers.
Surging natural gas prices can also be expected to hit customers on the electricity side of their utility bills. The Public Service Commission will be finalizing cases in the months ahead that will set electric rates and fuel costs for the Wisconsin utilities for 2022. Natural gas prices affect these costs because of large power plants that burn natural gas to make electricity.
To the extent they can, customers should take steps now to plan for looming increases. In light of these increase, the time may be right to take a second look at whether to move ahead with a project to add insulation or upgrade to a more efficient furnace.
CUB urges customers to take advantage of Focus on Energy rebates that can help homeowners and renters save this winter if they add some insulation before the cold snaps hit. Here are some tips to consider if you have some money to spend to make some upgrades:
Category: CUB Blog, Index Slider, Utility News Tags: energy assistance, energy efficiency, natural gas, we energies, WPS, Xcel