Approximately 1 in 6 Americans Behind on Energy Bills – Bloomberg
2022.08.24 23:29
Approximately 1 in 6 Americans Behind on Energy Bills – Bloomberg
By Sam Boughedda
According to a report by Bloomberg on Wednesday, around 20 Million U.S. homes are behind on their energy bills.
The figure represents approximately 1 in 6 Americans, with Bloomberg stating the National Energy Assistance Directors Association labeled it the worst crisis they have ever documented.
The figures are a result of surging electricity prices, driven by surging natural gas costs.
The bill crisis is far greater in Europe, with natural gas prices spiking following Russia’s invasion of Ukraine. As a result, more than 100,000 people in the U.K. have signed up to a pledge to cancel their direct debits for gas and electricity from October, while protestors assembled outside of the Glasgow headquarters of ScottishPower this month.
With inflation soaring, Bloomberg quoted Jean Su, a senior attorney at the Center for Biological Diversity, as saying he expects a “tsunami of shutoffs” in the U.S. as people face an excruciating choice between paying for food, housing, and keeping the power on.
Bloomberg stated California’s PG&E (NYSE:PCG) has noticed an over 40% rise in the number of residential customers behind on payments since February 2020, while New Jersey’s Public Service Enterprise Group (NYSE:PEG) has seen a more than 30% increase in customers at least 90 days late since March.
