Electric bills will be larger than ever for many households this summer, analysts are warning, adding to the pain of high inflation and record-high fuel costs.
The most recent estimates from the Energy Information Administration are that electricity prices will rise by a national average of 3.9% this summer compared to last summer. Accounting for reduced use, expenditures will be up 0.9%.
The estimates of higher bills add to warnings that electric grids will be strained and face blackouts throughout the summer. Natural gas storage is also still below the five-year average, which experts said also likely contributed to the spike.
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