Connecticut's notorious moniker as the state with the second highest electricity prices in the country appears to be slipping away.
Electricity prices in the Nutmeg State fell to 16.15 per kilowatt hour in August, according to the U.S. Energy Information Administration. This putsConnecticut's electricity prices behind three other states: Hawaii, New York and Alaska.
The U.S. Energy Information Administration reports average state electricity prices on a three-month delay.
Connecticut has been behind Hawaii for the last several years, as the island state prices often are nearly double the second-highest priced state.Hawaii's price per kilowatt hour was 33.91 cents in August.
New York typically has lower prices than Connecticut, except in the summer months, when added demand spikes prices. New York's electricity prices have been higher than Connecticut since June, and its price per kilowatt hour in August was 17.16 cents.
The newest development was Alaska. Despite its remote location, prices in Alaska tend to be lower than Connecticut. Not so in August, when the Alaskan price per kilowatt hour rose to 16.30 cents.
Connecticut electricity prices have dropped steadily for the past two years, down from around 18 cents per kilowatt hour to around 16 cents per kilowatt hour. The drop is due to better transmission, fewer government fees and a decrease in the commodity price of natural gas, which powers an increasing number of the state's power plants, and a number of other factors.
While the general trend in the nation has been lower electricity prices, some states have not had the same rate of decrease as Connecticut, such asNew York or Alaska. Connecticut could drop lower in the national rankings as well, as states such as California and New Jersey are not experiencing drastic price drops.
High electricity prices don't always correlate to high electricity costs, as the overall cost depends on the amount of electricity used by the end consumer.Connecticut launched several energy efficiency initiatives to combat its high prices, trying to decrease the amount of electricity used in the state.