Troubling times are ahead for American energy

Originally published at The Patriot-News

If you thought your energy bills were ridiculous this summer, a recent power market auction indicates things will only worsen.

Every year, PJM Interconnection, the nation’s largest electrical grid operator, hosts an auction where buyers and sellers bid on contracts to generate electricity. Last year, prices were, on average, $28.92 per megawatt-day. This year, they hit $269.92 per megawatt-day—an 833 percent increase!

As a result, residents in the PJM region, which covers 13 states (including Pennsylvania) and the District of Columbia, should expect their electricity bills to increase. Exelon, the largest U.S. electrical parent company, anticipates a double-digit increase in utility costs—some as high as 24 percent in states like Maryland.

Read more at The Patriot-News