Published: Friday, March 25, 2011, 2:49 PM Updated: Friday, March 25, 2011, 2:55 PM
SYRACUSE, N.Y. — The nuclear crisis in Japan may drive up utility prices in the United States, according to the CEO of an energy company that sells electricity and natural gas in New York and other states.
Japan is expected to increase its imports of liquefied natural gas as it recovers from the March 11 earthquake and tsunami that severely damaged several nuclear reactors in Fukushima, said Jeffrey Mayer, president and CEO of MXenergy.
That boost in Japanese imports will tighten supplies and drive up prices worldwide, Mayer said. Wholesale natural gas prices have increased 15 percent in the past two weeks, and futures prices for next winter have increased even more, Mayer said. A 15 percent increase in gas translates roughly to a 10 percent increase in electric prices, because gas is a dominant fuel in the power industry, he said.
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