“Above average” is great if you’re talking about your kid’s intelligence but not so great if you’re talking power prices.
NUS Consulting Group of Park Ridge, NJ, found the average price of electricity for businesses in the United States was 9.44 cents per kilowatt-hour as of April 1, 2008. It was 9.08 cents per kWh in April 2007.
Customers in California, Illinois, New York and Texas pay some of the highest electricity prices in the country, with the top five surveyed prices including:
• Consolidated Edison (NY), 18.07 cents/kWh
• National Grid (NY) at 15.22 cents/kWh
• Commonwealth Edison (IL) at 13.08 cents/kWh
• Southern California Edison (CA) at 12.47 cents/kWh
• Reliant Energy (TX) at 12.34 cents/kWh.
The largest price jump in the past year was in Maryland as Baltimore Gas & Electric’s industrial customers saw their rates increase by 18.5 percent. Other utilities with notable increases included:
• Commonwealth Edison (IL) at 18.4 percent
• Reliant Energy (TX) at 17.0 percent
• Alabama Power (AL) at 15.5 percent
• Progress Energy (FL) at 13.1 percent.
The lowest priced utilities included:
• Duke Energy (NC) at 5.21 cents/kWh
• Ameren UE (MO) at 5.26 cents/kWh
• Dominion Power (VA) at 5.54 cents/kWh
• Ohio Power at 5.84 cents/kWh
• Excel Energy (MN) at 6.94 cents/kWh.
And believe it or not someone actually saw their power prices go down!
• Excel Energy (MN) a 7.6 percent cut
• Pennsylvania Power & Light down 5.5 percent.
As the study notes:
“As borne out in previous surveys, the highest power prices are usually found in those states that have deregulated their retail electricity markets. Once considered a means of lowering electricity costs, deregulation has yet to fulfill this central promise.”
“While not as dramatic in its price rise as in the oil or gasoline sectors, the survey seems to confirm that higher electricity costs are here to stay,” said Richard Soultanian, co- president of the NUS Consulting Group. “We fully expect this trend to continue as energy prices, both here in the US and abroad, continue their meteoric rise.”