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September 2, 2014

N. England's 2014 power prices triple national increase

The rise in the cost of electricity in New England this year is more than triple the national average increase, which is the largest in five years, according to the U.S. Energy Information Agency.

Electricity prices paid by ultimate consumers in New England rose 11.8 percent for the first six months of 2014. The average price increase for the nation was 3.2 percent, which was the highest year-over-year growth in the nation since 2009.

New England far and away had the largest increase. The next closest was 6.7 percent in the Mid-Atlantic states.

New England’s price spike was driven mostly by the spike in wholesale power prices in the region. Wholesale costs hit their highest-ever level this winter as constrictions in the natural gas pipeline forced many low-cost, efficient power plants to shut down.

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