High energy costs are impacting residents across the US, with Hawaii and Connecticut experiencing the highest electricity bills. Factors contributing to increased utility costs include extreme weather events, fluctuations in gas prices, and necessary infrastructure upgrades. While renewable energy adoption in states like Colorado has helped to temper cost rises, the overall burden of these expenses disproportionately affects lower-income households. As energy prices continue to exceed inflation rates, understanding regional disparities is crucial, especially in light of potential trade tariffs and increasing energy demands from sectors like data centers.
Extreme weather combined with exploding costs to upgrade the infrastructure that delivers electricity across the country are fueling higher prices.
The most recent data published by the Energy Information Administration showed that residents of Hawaii, Connecticut, and Alabama had the highest average monthly electricity bills in 2024.
While President Donald Trump has promised to slash energy prices in half by pursuing a 'drill, baby, drill' agenda on oil and gas, energy analysts and economists told Business Insider it's not that simple.
Renewable energy has helped moderate prices in some states, but looming tariffs on Canada and Mexico combined with skyrocketing energy demand from data centers may only increase costs.
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