- Energy prices have gone up
- Ukraine Russia war influencing energy prices
- Around 450,000 gallons of gas exported to the U.K. from the U.S.
BROADCAST TRANSCRIPT:
"So we flipped into a low supply, high demand market and that's why everyone is sort of seeing sticker shock," Dave McHam said, CEO of Big Wave Energy.
Many Central Texans are concerned about high energy prices — one neighbor tells 25 News how they're paying more than double what they did last year.
"Since the winter storm, my electric bill went from $50 a month in July-August to $150 to $200 a month for a one-bedroom apartment," they said.
"The price of electricity is higher now than it was for over several years prior to Winter Storm Uri," said a HillCo Energy representative, Paula Farquhar.
25 News reporter Marc Monroy spoke with Farquhar to try and get an understanding as to why the Central Texas community is having to break the bank more than before.
"The last couple of years have been higher than what we were seeing prior to that, and that's just basic supply and demand," she said.
Dave McHam with Big Wave Energy says international affairs are part of what is driving Central Texan's bills up.
"The U.K. has stopped buying natural gas from Russia, and so we are now exporting liquefied natural gas at a higher rate than we ever have," he said.
The U.S. Energy Administration says around 450,000 gallons of liquid gas were exported to to the U.K. last year, leaving the U.S. with less supply to power wind turbines.
McHam says this in turn, means less power for electrical grids and a higher prices for residents in the community to pay.
But, there are some ways to cut down on costs.
"The best thing anybody can do for their electricity is constantly shop it," McHam said.
Shopping it by waiting for the best moment to strike.
"Renewing when the market is down instead of waiting till your contract is over is the best strategy to make sure you're paying the least amount possible for your electricity," McHam said.
