Tortoise Capital senior portfolio manager and managing director Rob Thummel analyzes the energy sector on ‘Mornings with Maria.’
Where Americans live can make a big difference in what they pay to keep the lights on, with average monthly electricity costs in some states more than three times that of others.
The latest figures from the US Energy Information Administration put the average residential electricity price at 17.24 cents per kilowatt-hour, up 6% from last year, based on average residential prices and a monthly household consumption of 900 kilowatt-hours, which is the average for a typical home.
AMERICANS HAVE DRIVEN ELECTRICAL EQUIPMENT INCREASING PRICES AS INFLATION CONTINUES AROUND THE COUNTRY.
North Dakota has the lowest average residential cost in the country at 11.02 cents per kilowatt-hour, while Hawaii has the highest at 41.62 cents per kWh.
But the geography of the island of Hawaii makes it an outlier, leaving California, Rhode Island, Massachusetts and New York among the continent’s clear examples of high electricity costs. Nebraska, Idaho, Oklahoma and Arkansas also rank among the cheapest states.
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Among major states, California is one of the most expensive, highlighting how much electricity costs can vary by location. (Mark Felix/Bloomberg via Getty Images/Getty Images)
That difference is not spread evenly across the country. Many of the lowest-cost states are clustered in the Plains and parts of the South, while some of the highest prices are concentrated in the Northeast and West Coast.
For households already suffering from inflation, that difference can translate into a significant monthly burden, especially in areas where heavy air conditioning or heating use drives up spending.
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Power lines near Austin, Texas, US, Thursday, June 13, 2024. (Jordan Vonderhaar/Bloomberg via Getty Images/Getty Images)
The wide gap reflects factors beyond politics, including fuel mix, climate, regulation, infrastructure costs and domestic energy use.
For consumers, however, the bottom line is simple: where they live can have a big impact on one of the few monthly bills they can’t easily avoid.
