Halfway through a US summer of punishing heat domes and record-high temperatures, air conditioners are churning and energy bills are soaring.
But a closer look at how such costs play out reveals vast disparities among states and demographic groups — suggesting a complex American energy reality that goes beyond partisan talking points and shows the challenges utilities face in a warming world, industry experts said.
Between 2018 and 2023, average US household electricity prices rose 21.9%, data from S&P Global Commodity Insights showed. Within that average were increases as high as 65.6% in Maine and 51.3% in New Hampshire, while New Mexico and North Dakota saw only a 6.6% rise. Wyoming and Kansas residential power prices were slightly lower in 2023 than in 2018, while Florida’s jumped 36%.
Economywide cumulative inflation was 22.2% during the same six-year period, according to the Federal Reserve Bank of Minneapolis.
From: S&P Global