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U.S. Electricity Inflation

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Sandy Lawrence's picture
retired MD, I write and lecture on energy, climate, grid, and epidemiology

I post almost daily on science topics, dealing with energy systems, the climate system, the electric grid and epidemiology. Background is in academic medicine, but I have also been teaching in...

  • Member since 2021
  • 30 items added with 4,387 views
  • Jan 23, 2023

UtilityDive: "Electricity prices surged 14.3% in 2022, double overall inflation" Consumer Price Increase data released Jan. 12 by the U.S. Bureau of Labor Statistics indicate consumers paid 14.3% more yr over yr, compared to overall 6.5% rise in prices. It reached 15.07¢ per kilowatt-hr, + is projected to reach 15.45¢ per kWh this yr + add another penny in 2024. "Year-over-year price inflation for electricity peaked at 15.8% in August, according to the BLS." And energy costs are regressive, hitting low-income consumers harder than the affluent. The Inflation Reduction Act is expected to help fund energy efficiency improvements, but it is still heavily tax incentive-focused + of no help to renters + the poor. "More than 20 million families, or about one of six in the U.S., were behind on their utility bills as of Nov. 7, according to NEADA, which represents the state directors of the federal government’s Low Income Home Energy Assistance Program." The average amount owed up to about $788. Coming on to help stabilize generation are renewables such as wind + solar — main contributors to growth in U.S. electricity, projected to rise to 24% this yr + 26% in 2024. The U.S. Energy Information Administration argues that concurrently natural gas will be reduced to 37% of the mix by 2024 + coal down to 17%. The faster we get away from fossil fuels the better. #electricitygeneration  #climatechange

Ed Reid's picture
Ed Reid on Jan 24, 2023

The increase is largely the result of investments by utilities and others in redundant renewable generation infrastructure.

Get away from fossil fuels too fast and you'll experience the wonders of an intermittent grid providing intermittent power.

Sandy Lawrence's picture
Thank Sandy for the Post!
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