Overall consumer prices are running around 3.4%. Electricity rates rose 7.3% in the twelve months through April, and residential costs were projected to climb another 10.5% over the summer. That is the same economy producing both numbers. One of them shows up in a headline. The other shows up in an envelope every month.
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The Number Utilities Are Asking For
In the first half of this year alone, utilities requested $18.6 billion in combined rate increases. For all of last year the figure was $29 billion. At the current pace this year will clear that comfortably.
Rate requests are not the same as rate approvals, and state regulators trim them. But the direction is the direction, and utilities do not file for increases they expect to be refused outright.
Why This One Is Different
Most of what drives inflation eventually cools. Grocery prices flatten, used cars come back down, airfares swing with the season. Electricity is not behaving that way, because the pressure is structural rather than cyclical.
Three things are pushing at once. Grid infrastructure that was built decades ago is being replaced at today's construction costs. Weather-related damage keeps forcing unplanned spending. And demand is rising for the first time in years, with data centers projected to account for as much as 15.3% of total US electricity consumption by 2030.
That last one matters for a reason that is easy to miss. A new industrial customer does not just buy power. It requires new generation and new transmission, and the cost of building that gets spread across everyone on the system.
The Part That Does Not Make the News
About one in six American households were behind on their utility bills earlier this year. The National Energy Assistance Directors Association estimates households could collectively owe $25 billion by year end.
This is not a story about people who cannot budget. It is a story about a fixed monthly cost that has been rising faster than wages for several years in a row, in a category where you cannot simply buy less. You can adjust the thermostat. You cannot stop running the refrigerator.
Final Take
Electricity is the household expense people are least likely to shop, because most assume there is nothing to shop. In much of the country that is no longer true. Roughly a dozen states have retail choice programs where the supply portion of the bill is competitive, even though the delivery portion is not.
Two things are worth checking this month. First, whether your state allows you to choose a supplier, and what the current offers look like against your default rate. Second, whether you qualify for the Low Income Home Energy Assistance Program, which has income limits considerably higher than most people assume and is badly underused.
Neither is exciting. Both are worth more than any headline about the inflation rate, because this is the bill that arrives whether or not the economy cooperates.
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Written by Deniss Slinkins
Millionaire Core
