Ohio Electricity Rates More than Double By Summer
Ohio FirstEnergy customers will see their electric bills rise starting next summer, as the Akron-based utility has purchased some of its electricity at more than twice the price it’s paying now.
During the October 4th auction, FirstEnergy agreed to pay an average price of $122.30 per megawatt-hour for delivery between June 1, 2023, and May 31, 2024. According to the Public Utilities Commission of Ohio, FirstEnergy currently offers electricity at $61 per MwH.
Natural Gas:
The EIA reported an injection of 111 Bcf into of underground storage
- Triple-digit storage injections over the past several weeks are closing the storage inventory deficit now at 5% below the five-year average.
- Cold temperatures in the upper Midwest have provided some heating load during the past week, but warmer temperatures are forecasted for the remainder of October.
- Natural gas production continues to increase to 98.8 Bcf/day for October, an increase of .6 Bcf per day from the prior month and the fourth month of consecutive increase to output.
Natural Gas:
Henry Hub Pricing History
Did you know…
Henry Hub is a natural gas pipeline located in Erath, Louisiana, that serves as the official delivery location for futures contracts on the New York Mercantile Exchange (NYMEX).
Economy Headlines
- The U.S. is forecasted to enter a recession in the coming 12 months as the Federal Reserve battles to bring down persistently high inflation, The Wall Street Journal reported.
- On average, economists put the probability of a recession in the next 12 months at 63%; many would argue that the U.S. is already in a recession under the long-standing definition of two consecutive quarters of negative GDP growth.
- Retail spending stalled in September, a further sign of a slowing economy, the Wall Street Journal reported.
- Core inflation hit a four-decade high in September.
Weather
- An early-season cold snap in the Midwest and East is driving some heating load demand in those markets. Many upper Midwest towns and cities will be well below average with some light snowfall as well.
- The Pacific Northwest is moving into a seasonal trend.
