Electricity rates jumped 46% since 2018 in Pennsylvania, higher than neighboring states like Ohio and Virginia and ahead of the PJM Interconnection average, according to a new report from the Pennsylvania Independent Fiscal Office.
The IFO said one of the major reasons is the commonwealth’s reliance on natural gas and the price increases in natural gas prices and electricity rates that occurred in 2022.
“Pennsylvania rates are more sensitive to natural gas than other states due to its high reliance on that fuel source for generation,” IFO said.
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