Energy prices continue to soar – Shore Daily News

by | May 3, 2022 | Energy

Energy costs continue to soar both nationally and on the Eastern Shore.  Gas prices have been spotted as high as $4.25 a gallon, which is double what they were 18 months ago. Not only is gasoline at record levels, other forms of energy are going up as well.  A&N Electric Co-op announced in May’s edition of Cooperative Living magazine that because of higher natural gas prices, ODEC, which is the not-for-profit power generation cooperative that supplies electric power on the Shore, has instituted a rate increase to cover the higher generation costs resulting primarily from those natural gas price increases.According to the article, residential A&N Electric Cooperative members will see their Power Cost Adjustment credit reduced by approximately 50%  from the credits from January 1, 2022 to April 30, 2022. An average home using 1,000 kilowatt hours will experience an increase of $2.17 in May’s billing.The article goes on to say that while it is unusual to have a mid-year rate increase,  a combination of factors ranging from high winter demand for natural gas this year to the Ukraine war which is expected to cause liquified natural gas  shipments to Europe and Asia to increase.The overall increase in energy prices including Diesel has been passed on to consumers through …

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