It seems our cost of living rises every day and this heat is causing our air conditioners to run call day. Saint Clair Newbern of Live Energy says even the cost of electricity is a lot higher than last year. "Rates went up 100% - then they came down a little bit. But --- generally speaking, people are paying 70% over what they paid last year!"
Newbern explains why. " The number one thing that drives electricity prices is NATURAL GAS. We have seen a 200% increase over the last year. That's what's affecting electricity prices!"
Everything costs more than it did a year ago - and that includes the electricity that's running your a/c right now. Newbern says it's around 70% higher than last summer...and that's mostly because the price of the biggest factor in the price of electricity - natural gas - is rising. "We're well over 100% over the price for natural gas a year ago. And that's the main factor that's driving natural gas prices right now."
Newbern says natural gas prices are rising because of aspects including the effect the war in Ukraine is having on European Markets, lower natural gas production and the smaller amount of reserves in the U.S.