THE ‘CANARY IN THE COALMINE’: More than 20 million U.S. households—or one in six— are behind on their monthly utility payment, according to the National Energy Assistance Directors Association, due to high electricity prices and soaring natural gas costs that have prompted fears of massive shutoffs ahead of the winter season.
Soaring natural gas prices are driving the problem. U.S. natural gas prices spiked last week to their highest point in 14 years, and analysts have warned of even more increases in the months ahead that could drive up consumers’ bills. “Virtually all of our fundamental and technical indicators continue to flash green lights toward higher price levels” for natural gas, trading firm Ritterbusch & Associates said in a note last week cited by the Wall Street Journal. They added that prices could climb as high as $11.90 per million British thermal units, .
Utility companies “aren’t set up to deal with this many people falling behind,” he added. “They’re set up to deal with people having lower debt numbers.” The “tools they have,” such as putting people on a payment plan, “all work when people owe less. It doesn’t work when people owe as much as they do.”
“It may well be that we have a number of winters where we have to somehow find solutions through efficiency savings, through rationing and a very, very quick buildout of alternatives,” he said. “That this is going to be somehow easy, or over, I think is a fantasy that we should put aside.” During the mission, inspectors will assess the facility and any damage to the plant, and evaluate working conditions at the nuclear power plant.
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