As temperatures dropped this winter, people turned up the heat in their homes, which decreased the natural gas supply and created high prices.
On Monday, the price of natural gas hit a five-month high, pushing the wholesale price close to the $5 per unit milestone.
“If this trend keeps up we can expect electricity prices to respond similarly since natural gas is an important fuel for all new power generation,” said Blas Pina, director of natural gas for Stamford’s MXenergy, in a statement.
As prices continue to rise, those who heat facilities with natural gas will see a remarkable increase in their bills, according to MXenergy.
