Nov 29, 2022
High expenditure will be due to the higher retail prices on fuels and a slightly colder winter.
The EIA(Energy Information Agency)'s latest release in October 2022 states that most US households will spend more money on energy this winter.
The EIA states that this high expenditure will be due to the higher retail prices and a slightly colder winter.
Almost 90℅ of US households are using heaters primarily powered by natural gasses or electricity. EIA expects a rise in wholesale prices of natural gasses this winter, which leads to the rise in both natural gasses and electricity prices as the dependence on natural gasses for the generation of electricity during winter increases. EIA also expects natural gasses prices to be 19℅ more higher this winter, reflecting price pressure in distillate fuel oil market. Low inventories, low imports, and limited refining capacity will also play a part. Unlike other fuels, propane prices may fall slightly, by 2%, this winter.
So this winter is going to be more costly to US households due to the energy price rise and cold winter. FORCE, an energy saving device of ENPOSS which can be installed in any facility where electricity is in use can efficiently reduce the loss of electricity by increasing the flow of electricity. It also reduces electricity utility bills by saving energy hence contributing to reducing carbon emissions this winter.