Electric bills are likely to keep climbing, Dallas Fed economist says | Schnurman
Texas’ average electric prices, adjusted for inflation, have been lower than the nation’s since 2010, and they remained lower last year. But statewide prices climbed at a faster clip in 2022, Thompson said, and several factors are expected to keep the pressure on this year and beyond.
Higher natural gas prices are a main reason for higher electric bills, and Texas is more dependent on the fuel. Natural gas provided 44% of the state’s power last year compared with 37% nationally, Thompson said, and higher fuel prices can be passed along more quickly in Texas’ deregulated market. The Texas Public Utility Commission also proposes redesigning the electric market so Texas can attract more natural gas plants; gas plants can be switched on if weather conditions reduce generation from wind and solar power, and that’s expected to improve reliability.
Consumers saved billions of dollars from renewables on ERCOT, the grid that provides most of the state’s electric load, according to research from She fears that electricity rates are headed higher for several reasons beyond the cost of natural gas: uncertainties over the redesign of Texas’ power market; ERCOT’s problems with forecasting electric loads for extreme weather; aging gas and coal plants that break down more often; and the consolidation of retail electric providers.
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