I was reading in our local paper, the Virginian Pilot, that the utility companies are having an unexpected drop in electricity consumption. Utilities like Dominion Power are forecasting a 1 to 2 percent increase in power consumption and are setting up to meet that demand. Remember, the infrastructure can take years to put into place and it has to be forecast ahead of time. If they are wrong then the companies and ultimately the consumer pays dearly.
For the first time, power companies are seeing up to a 3 percent drop in consumption to homes. The analysts are at a loss to explain the drop but seem to dismiss the foreclosure market. Looking at the number of foreclosed homes in our area of Virginia Beach, Chesapeake and Norfolk, I think they should take another look. If you look at Las Vegas and Florida, you will see the same type of numbers.
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