Electricity rates fall in Tampa

Residents in Tampa Bay, Florida, will pay less to keep the lights on in their house in the coming months as regional stockpiles of natural gas continue to grow, pushing down the amount it takes to generate power, the Tampa Tribune reports.

According to the news source, although Hurricane Sandy knocked a number of oil refineries along the east coast offline, Florida is still benefiting from refineries along the Gulf Coast, which has protected the region from higher prices spawned by Sandy.

“The good news is gas prices are forecast to continue their downward trend into the holiday season. However, Sandy’s aftermath has left many Americans without power and the need for fuel,” said Jessica Brady, spokeswoman for AAA in the Southeast. “Gas prices in the Southeast fell an average of 10 cents from last week, causing each state but Florida to drop below year-ago levels.”

Starting in 2013, customers of Tampa Electric Co. will pay $4.32 less for the monthly power bills – the fourth price drop in five years.

Electricity prices are falling in several states as utilities must compete with retail energy providers, which can often offer the best electricity rates in the region.