Highest Energy Prices in the Nation
New England’s energy prices are already sky-high. Households in our region pay on average $400 more annually for heating and electricity compared to the rest of the nation.
All told, our region paid an extra $7.5 billion over the last three winters because of higher energy costs caused by inadequate energy infrastructure. This is money taken away from our communities, small businesses, and family budgets.
Energy will continue to become more expensive, hurting households and our regional economy—unless we start expanding our energy infrastructure now.
A Bleak Future of Higher Prices
Currently, New England is on a disastrous path when it comes to energy costs. In the coming years, businesses, industrial users, and especially households will pay billions of dollars in unneeded, wasteful costs because energy cannot affordably reach us.
Failing to expand the region’s energy infrastructure will cost New England households and businesses $5.4 billion in higher energy costs (in 2014 dollars) between 2016 and 2020. The $5.4 billion in added costs will ramp up from 2016 through 2020, increasing the region’s electricity and natural gas costs by 9 percent in 2020 according to forecasted energy demand and costs. Similar or larger impacts can be expected beyond 2020 if infrastructure is not added as demands for natural gas and renewable electricity increase.
The Solution is Simple
New England must build energy infrastructure. All types of energy infrastructure are important, but natural gas pipelines are essential. Today, 40% of our region’s electricity is generated by natural gas, and our pipeline infrastructure cannot meet our needs.
Read the complete report here.
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