Residential Electric Rates to Drop in 2016
Energy Dept. forecasts residential electric rates to drop 0.7% in 2016
Residential electric rates haven't decreased year-over-year since 2002 (US average). But the Energy Department forecasts a decrease in 2016.
The forecast was in the Short-Term Energy Outlook that came out last week.
It does project that rates will increase in 2017. The agency expects natural gas prices to rebound and rise in 2017, driving electric rates up with them.
The decrease in residential rates this year will be only the fifth time that the year-over year US average has fallen since 1990. Three of the five times were in the late 1990's.