“For the next several winters, we’re going to potentially have really high prices and price volatility. Customers are going to simply pay more for gas and energy.”
— William Quinlan, President and COO of PSNH, August 2014
New England is one of the best places to live, but it’s also one of the most expensive places to buy electricity in the country. Our region is highly dependent on natural gas for generating electricity, yet we lack the ability to bring in enough natural gas to meet both our home heating and power generation needs throughout the winter. Add on top of that last winter’s “Polar Vortex” cold snaps and New England’s wholesale energy prices went skyrocketing.
Energy companies are closely watching these issues, including PSNH President and COO William Quinlan. In a recent interview on WMUR’s “NH’s Business” segment, Quinlan told viewers that our dependence on natural gas caused winter natural gas prices to double last year. New England paid $3 billion more for energy this winter than it did during the winter of 2012/2013, largely because of our dependence on natural gas. This is a problem that’s not going away any time soon, he said.
“It will take several years to build out the infrastructure to really address this situation,” Quinlan said.
This WMUR segment shows not only how dependent New England has become on natural gas, it explains why this is having an effect on our electricity prices, too.