Millions of Americans could be in for a surprise when they get their next heating bill.
Some of the nation’s largest utilities say energy bills will be significantly higher in February following a string of big snow storms that blanketed the Northeast and Midwest last month.
Con Edison (ED, Fortune 500), which supplies gas and electricity to 3 million people living in New York City and surrounding areas, expects February heating bills for the typical household to increase more than 16% from last year.
Con Ed said the recent price surge in natural gas, which is used to generate power, will lead to a 22% spike in electricity bills this month.
In Michigan, DTE Energy (DTE, Fortune 500) said gas bills will be up 13% for the November through January period for its roughly 1.2 million natural gas customers. Nicor Gas in Illinois said its customers should expect to see a 30% rise in their heating bills.
The jump in heating bills is entirely due to increased demand, according to the utilities. The companies say their rates haven’t changed, but customers have been running their heaters more than usual because of the brutal weather.
The full article is available here.. http://money.cnn.com/2014/02/04/news/economy/heating-bills/
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