The rate of electricity price increase hits a 6-year high

As expected, residential electricity rates are increasing nationwide. A recent federal government report showed that in 2014 rates rose an average of 3 percent, the highest rate of increase since 2008.

The “Short Term Energy Outlook” report from the U.S. Energy Information Administration attributed the increase to rising natural gas prices. Fuel costs for power generators using natural gas jumped by nearly 20 percent in 2014.

EIA reported in December that the national average rate was 12.5 cents per kilowatt-hour. Residential electric rates are the highest in New England, where ratepayers paid an average of 17.8 cents per kwh in 2014, though every part of the country experienced an increase, EIA said.

EIA predicted that residential prices in 2015 will rise by an average of 1.7 percent.