Utility regulators in the United States are considering raising electricity rates again this year to help them cover the costs of upgrading infrastructure to manage extreme weather, increased power demand from industries and prepare for more electric usage due to new clean energy laws, according to the Energy Information Administration (EIA).
In 2023, the state utility regulators approved nearly $10 billion in rate hikes, up from $4.4 billion in 2022, marking a record rise in electricity rate increases for the year, EIA said. If regulators allow the same ratio of rate increase requests for the remaining 2024, the EIA expects rate increases to reach $8.9 billion this year, reported Reuters.
