PORTLAND, Maine (AP) – Energy demand is down because of the pandemic, but utility bills unpaid by tens of thousands of people left jobless by the pandemic could drive electricity prices upward in some places in coming months.
Electricity demand is down by 3% to 5% because of the pandemic in New England. The power grid operator says there should be sufficient electricity for peak demand this summer. The irony is that reduced demand for electricity could be coupled with higher rates down the road. Across the country, utilities have been forbidden from cutting off customers for nonpayment.
Utilities say that could affect balance sheets in coming months.