U.S. domestic power bills rose at fastest rate on record in 2022
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U.S. Energy Information Administration
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May 31 (Reuters) - The average monthly electricity bill for U.S. residential customers saw its biggest annual jump last year since the U.S. Energy Information Administration (EIA) started keeping records in 1984, the agency said on Wednesday.
Adjusted for inflation that reached a 40-year high, power bills increased by 5%, driven by extreme temperatures - which increased consumption for both heating and cooling - and a nominal 11% rise in retail prices, the EIA said.
The cost of fossil fuels delivered to U.S. power plants rose by 34%, the agency said.
For this summer, the EIA expects typical household bills to rise around 2% on average.
Reporting by Arshreet Singh in Bengaluru; editing by John Stonestreet
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Wednesday, May 31, 2023 at 3:24 pm