High Natural Gas Prices Will Raise Electric Rates; We Energies Seeking Another Increase by Jan. 1

Summary

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The toll on consumers from the massive hurricanes that hit the Gulf of Mexico this summer won't be limited to pain at the gas pump or 50% increases in home heating bills.

The skyrocketing price of natural gas, up 82% from a year ago after hitting a record high Tuesday, will drive up monthly electric bills as well.

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Extract

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High Natural Gas Prices Will Raise Electric Rates; We Energies Seeking Another Increase by Jan. 1

For We Energies, the state's largest utility, the natural gas price spikes will add at least $84 million to the $143 million price increase on electricity it requested earlier this year.

For a typical residential customer now paying $74 a month, the monthly electric bill would jump by 11%, or $8 a mo...

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