Your heating bill could be more expensive than we thought | News

MEMPHIS, Tenn. – We are on the brink of another deep freeze. Unfortunately, your natural gas bill could be more expensive than we previously thought.

In October, FOX13 told you MLGW had initially predicted a 4% increase in what we can expect to pay for natural gas this year. However, natural gas futures have increased by 39% since September, according to CNN.

Now, MLGW confirms they are projecting a 4.4% increase in natural gas prices.

“It’s just ridiculous,” said Roberta Herd, who lives on a fixed income with her husband. “We’ve got to do something to bring it down. Otherwise, we’re not going to survive it.”

Natural gas is about 50% more expensive than at this point last year.

Economists say it’s an issue of supply and demand.

“Right now, we’re experiencing the highest gas prices in the last three years,” explained Abe Scarr, energy and utilities program director for Public Interest Research Group.

Scarr has closely followed this market for years.

According to the U.S. Energy Information Administration, 43% of homes in the South relied on natural gas in 2020.

“It’s a good, dense energy source for heating homes,” Scarr explained. “The problem, though, is that gas utilities have been spending a lot of money on their infrastructure over the last decade. When they do that, that raises delivery costs.”

“Everything is going up, so I’m not even surprised!” explained Mary Davis, an East Memphis resident.

MLGW still predicts families can expect a 4% increase in this year’s winter electricity bills.

To avoid sticker shock, you can estimate your bill by adding up your daily usage on the MLGW website.