Residential Electricity Prices Soar Double Digits In Maine And Connecticut
U.S. Energy Information Administration analyzed by Axios shows the cost of electricity is rising by double digits in many states, based on residential costs per kilowatt-hour of electricity. The states with the highest increase from May 2024 to May of this year are Maine at 36.3%, Connecticut at 18.4% and Utah at 15.2%. Geography is not the only factor.
Data centers will push these prices higher, particularly where there are large installations. Elon Musk’s xAI will build a million square foot facility near Memphis in Tennessee. No one knows if the electricity will be available if this installation grows.
Competition For Energy
The primary concern about these rates is that competition will drive rising rates. The situation is more complex than that. Rates are already or can be controlled by regulators. Available electricity will eventually reach a plateau. Although this may be temporary, until new capacity comes online, there will be electricity wars, and this will drive, on an infrastructure basis, black outs and brown outs. On a broader basis, it will become an issue for elected officials.
Electricity could be come as large a part of elections as topics like taxes.
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