Although inflation has steadily cooled since peaking in June of last year, electricity costs continue to heat up.
The typical power bill is set to rise about 2% this summer from a year ago,to the Energy Information Administration. The reason: While wholesale power costs have dropped, there is generally a lag in when such decreases filter down to the prices residents see on their monthly power bill.
Most of the electricity in the U.S. — about 40% — is produced by burning natural gas, the cost of which spiked to a 14-year-high last fall before dropping early in 2023. "If you're a consumer it's kind of confusing," he said."Consumers look at gasoline, and say, well, gasoline's come down, why am I still paying more money for heat and power?"
"Utilities are rebuilding their grids, which is expensive," Wolfe said."About half the cost of electricity that a consumer buys is the wires. So just because the cost of natural gas fuel has come down doesn't mean it's a one-to-one relationship."
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