Key facts
- US electricity prices have risen more than 10% since 2024.
- Power bills have increased at triple the inflation rate in some battleground states.
- Utilities are on track to request a record $31 billion in rate increases this year.
- Investor-owned utilities plan nearly $1.3 trillion in capital spending over the next five years.
- Fitch downgraded the North American utility sector to 'deteriorating' due to political pressure.
US electricity prices have become a significant issue in the midterm elections, a departure from previous years where they largely remained under the radar. Rising utility bills and the increasing demand from power-hungry data centers have fueled consumer anger and political attention nationwide. Politicians are increasingly proposing measures to curb utility costs and profits, potentially impacting the industry's long-term investment strategies. State utility commissions and gubernatorial races in key states are becoming battlegrounds for these debates.