Business News

Electric Bills Are Going Up Soon — What It Means For You – WJW FOX 8 News Cleveland

CLEVELAND (WJW) — Electricity prices are expected to increase later this spring, prompting guidance from experts on the best ways to shop around to save money.

“Starting June, new energy rates are going to go into effect in most parts of Ohio,” said Matt Schilling, director of the Office of Public Affairs for the Public Utility Commission of Ohio.

Schilling said some customers could see an estimated $30 increase on their bills. Based on the data, Ohio consumes an average of 800 kilowatt-hours per month.

“It’s important to know that this is not going to affect everyone,” he said. “These are for customers of Ohio Edison, Toledo Edison and the Cleveland Electric Illuminating Company.”

According to FirstEnergy, customers enrolled in government aggregation or directly enrolled with retail suppliers will not be affected by the change.

The average wholesale auction weighted price for electricity per MW is $53, soon to rise to $101.

Schilling said the increase isn’t unique to Ohio.

“Energy prices around the world have risen over the past year and there are a number of factors,” Schilling said. “There’s a global conflict going on in Europe that’s diverting a lot of natural gas over there, and natural gas is really one of the main ways that here in America we generate electricity.”

A First Energy spokesperson issued the following statement:

“Ohio is a deregulation state, and while FirstEnergy’s Ohio utilities are responsible for delivering electricity to your home or business, they do not produce that electricity. This is the role of an energy supplier. Customers can shop between a wide range of competing energy suppliers for electricity generation, which typically represents about half of a customer’s monthly bill. Our Ohio utilities do not profit from the generation portion of the customer’s bill.

Schilling encourages customers to visit to compare prices.

“There is a lot of information out there to help consumers compare and choose the option that is right for them, making sure they are getting the best deal,” Schilling said.

FirstEnergy reports that shopping around can result in savings and customers are advised to choose based on the cost of energy, a fixed or variable rate, contract terms and conditions as well as applicable taxes and additional fees Consider the plan structure.


Back to top button