Hawaii Oil Dependence to Cause Electricity Prices to Rise

According to a recent article on Bloomberg, energy prices are expected to rise as much as 20% by 2020 due to new regulations for low sulfur fuel for oceangoing ships. Currently, Hawaii generates about 70% of its energy with low-sulfur oil. In 2020, maritime regulations will require ships worldwide to lower the amount of sulfur in their fuel, causing oil prices to rise. According to Honolulu-based FGE vice-chairman Sasha Fesharaki prices could easily rise by 20 percent. Hawaii residents already pay the highest electricity rates in the US at 32.4 cents per kilowatt hour (U.S. Energy Information Administration August 2018 data).

The article discusses the impact of energy costs and what Hawaii utilities are planning. Read more here: https://www.bloomberg.com/news/articles/2018-10-30/hawaii-oil-addiction-set-to-boost-nation-s-costliest-power-bills

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