Electric rates are rising even as fuel prices fall

AP News
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Posted: Jul 11, 2012 6:27 PM
Electric rates are rising even as fuel prices fall

A plunge in the price of natural gas has made it cheaper for utilities to produce electricity. But the savings aren't translating to lower rates for customers. Instead, U.S. electricity prices are going up.

Average residential retail electric prices, in cents per kilowatt-hour:

2008: 11.26

2009: 11.51

2010: 11.54

2011: 11.79

2012: 12.03 (estimated)

Average natural gas prices, in dollars per thousand cubic feet:

2008: $9.13

2009: $4.06

2010: $4.52

2011: $4.12

2012: $2.66 (estimated)

Source: U.S. Energy Information Administration