U.S. Electricity Inflation
- Jan 22, 2023 3:40 pm GMT
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
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