California Has The Most Expensive Electricity In America
Based on average kWh prices, California has the most expensive electricity, both for residential. (31.23¢) and business (23.61¢). North Dakota has the least expensive in both cases. Its residential number is 10.5¢ and business at 10.5¢.
These prices are likely to go higher. According to S&P, “As California strives to simultaneously decarbonize, expand and refortify its power system, retail electricity prices have roughly doubled over the past decade for the state’s 39 million residents.”
The rating agency added, “Soaring electricity rates in California are putting millions of households in a pinch, fueling concerns that a mounting energy affordability crisis could undermine the Golden State’s ambitious efforts to transition the largest US state economy off fossil fuels and keep climate change in check.”:
Renewables May Not Be Available
Two key factors are in play. First, most states would like to power their electricity through renewables. However, wind and solar power sources are unavailable in some states and may never be.
Second, electricity use will rise at double-digit rates over the next decade due to the need for power by AI and Bitcoin mining. This will add new layers of regulation and battles, perhaps hard ones, among AI and Bitcoin companies, residents, and businesses.
In short, in California and most other states, rates are going up.
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