The 2017 Electricity Price Map – Where does SC stand?

This week the Global Energy Institute rolled out the 2017 Electricity Price Map, which features a state-by-state comparison of electricity prices across the United States. This year’s national average electricity rate was 10.54 cents kWh – the highest average rate in the past four years.

In 2017, we actually have the highest national average retail electricity price of the past four years: 10.54 cents/kWh. This tops the 2016, 2015, and 2014 national average rates of 10.28, 10.42, and 10.13 cents/kWh, respectively.

However, that does not mean that everyone is paying more. In actuality, many of the states with lower prices, such as Louisiana and Texas, are paying significantly lower rates today than they experienced back in 2014. Over this period, Texas fell from 8.99 to 8.55 cents/kWh, and Louisiana reduced its rates from 8.11 to 2017’s 7.75 cents/kWh. Driving the overall national increase are consistent year-over-year increases in many of the highest cost states, such as California and most of New England. Meanwhile, energy-rich states such as Pennsylvania and Ohio continue to watch their retail electric prices lowered by the benefits of abundant shale gas resources.

While the average price is up this year, the Tax Cuts and Jobs Act passed by Congress in December is likely to help moderate or even reduce the electricity prices seen across the board – even in those higher-priced states.  Why?  Utilities typically recover their cost of doing business in the rates they charge customers, both big and small.  Along with personal tax cuts, the December tax bill lowered corporate tax rates from 35% to 21%, meaning that utilities’ future costs were reduced as a result.  These reduced costs will now be reflected in rates; either automatically with utilities that charge an automatically-adjusting “formula” rate, or through rate filings at both the federal and state level that will integrate the new, lower tax costs faced by utility companies.  In late February, thirty-nine states were already touched by these lowered rates, while other states will join this tally as the Federal Energy Regulatory Commission moves forward with its efforts to realize rate savings for electricity consumers.

This information is taken from – https://www.globalenergyinstitute.org/electricity-rates-are-mostly-relief-sight