Consumers across Texas have already received sticker shock as they've renewed or signed up for electricity plans in the state's deregulated power market.
Elizabeth Conley, Houston Chronicle / Staff photographerConsumers across Texas have already received sticker shock as they've renewed or signed up for electricity plans in the state's deregulated power market.
As I wrote back in June, most of that spike has been caused by a surge in demand -- and prices -- for U.S. natural gas. Within the Electric Reliability Council of Texas, or ERCOT, about 44 percent of all power generation came from natural gas in 2021, and power traders and retailers use the price of gas as their benchmark for setting power prices.
But in the past few weeks, the price of electricity in Europe and natural gas has begun to stabilize, according to Rystad Energy. an independent research firm. In Germany alone, the price of electricity was cut by about half in three weeks.Electricity prices across the continent, however, remain historically high largely due to natural gas costs.
As of Sept. 1, CenterPoint residential customers that use 1,000 kWh a month can expect their bill to rise by $9.98 a month thanks to an increase in the utility's Transmission Cost Recovery Factors, which utility companies charge to recoup expenses for upgrading transmission and power lines. The second-highest rate hike in the state, by Texas-New Mexico Power, is $6.06 a month, and Texas' largest utility Oncor's rate for the Transmission Cost Recovery Factors will rise by $5.17.
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