America’s energy bills are going up

US heating costs are expected to increase by 17% this upcoming winter to reach their highest level in ten years, per a new report from the National Energy Assistance Directors Association, an org that helps provide federal energy grants to low-income families.

In hard numbers, average costs are estimated to be $1,200/household over the next several months, up from $1,025 in 2021-2022.

🛢️ A deeper dive… The NEADA estimates that 91% of Americans' heating and cooling costs are tied to the price of natural gas. And domestic supply of natural gas has been limited in recent months due to Russia’s invasion of Ukraine, as well as the retirements of several coal-based and nuclear power plants in the US.

• Overall, natural gas accounted for 38% of all electricity generated in the US last year. And the NEADA is projecting a 42% jump in household electricity costs this winter as well, compared to pre-pandemic data.

🌍 Zoom out: America isn’t the only country short on natural gas at the moment; prices in Europe have increased ~200% since mid-June, and are currently about six times higher than their 2021 average.

+In the know: ~20% of US households have missed or made a late payment on their utility bill in the last month, per a Bank of America report published Friday.