Mother Nature Turns Up the Heat and Homeowners Pay the Price

STAMFORD, Conn., June 6, 2011 /PRNewswire/ -- An early summer heat wave has hit regions of the Northeast, Southwest and Gulf Coast, causing many residents to turn to their air conditioners for relief.  The early heat has caused the July natural gas wholesale exchange contract to jump to a 10 month high.

MXenergy, one of the nation's leading independent energy providers, advises homeowners to be prepared for not only higher electric bills but higher natural gas costs as well.

"What many people do not realize is the number of electrical plants powered by natural gas," says Jeffrey Mayer, MXenergy President and CEO.  "In addition, many nuclear power plants happen to be down for maintenance, placing natural gas power at an even greater premium."

While higher summer temperatures are naturally to be expected, the early onset of above average temperatures across the country has directly impacted natural gas prices.

"After projecting a cooler season, forecasters have been surprised by the wave of fierce heat across the Southeast," says Blas Pina, MXenergy Derivatives Director.  "This will have an impact on electricity prices since most power generation is now fired by natural gas, so we can expect natural gas prices to go up in response to the air conditioning demand brought on by record heat."

Opinions among national weather experts are varied as to what the summer of 2011 will actually bring.  Many are actually predicting cooler than average temperatures for June through August while others anticipate average or above average temps for most of the country.

"Obviously weather is highly unpredictable," says Mayer.  "However, if these higher than normal temperatures continue, homeowners will continue to feel the sting of high costs."

About MXenergy

MXenergy is one of the fastest growing retail natural gas and electricity suppliers in North America, serving approximately 500,000 customers in 41 utility territories in the United States and Canada. For over 11 years, the company has provided millions of customers with a choice in how they purchase energy to run their homes and businesses.  Founded in 1999 to provide natural gas and electricity to consumers in deregulated energy markets, MXenergy helps residential customers and small business owners control their energy bills by providing both fixed and variable rate plans MXenergy is committed to best practices in environmental conservation, supporting local communities through various outreach programs and is a member of the Chicago Climate Exchange.  For more information about MXenergy please visit www.mxenergy.com.

SOURCE MXenergy