Electric Bills in US Set to Rise as Utility Requests for Rate Hikes Double

US electric companies have asked for $29 billion in rate increases so far this year, more than double their requests for the first half of 2024, according to a new report from energy affordability advocacy group PowerLines.

“Utilities are responding to new load by proposing new power plants that generally drive up customer bills,” PowerLines executive director Charles Hua said in an interview.

Utilities request rate increases from state regulators, who decide how much the companies can charge their customers and the rate of return the companies earn on their spending.

Image courtesy of Bloomberg