Utilities want $31 billion more from customers, and your electric bill is about to feel it

"Electric and gas utilities asked state regulators to approve $31 billion in rate increases last year, more than double the $15 billion they sought in 2024, a new study from PowerLines, a nonprofit that advocates for utility customers, found. The surge in requests from utilities to tack on additional charges to customer bills comes as Big Tech companies continue their sweeping buildout of power-hungry AI data centers across the country. Many utilities have attributed rate increases to unprecedented demand from data centers."

"While some of those requests are still pending approval, many - including the majority of a $9 billion increase for customers of one Florida power company - have been pushed through and will start showing up on customer bills this year. "Gas and electricity are the two fastest drivers of inflation, and not by a little bit more. It's significantly more than what we're used to seeing," said Charles Hua, founder and executive director of PowerLines."

Electric and gas utilities requested $31 billion in rate increases last year, more than double the $15 billion sought in 2024. Many utilities attribute the surge to demand from AI data centers as Big Tech builds power-hungry facilities nationwide. A majority of a $9 billion increase from a Florida power company was approved and will appear on customer bills this year. Utilities in southern states sought more than $14 billion in increases, with Florida Power and Light accounting for much of that total. PowerLines used publicly available investor-owned utility data to track requests. Gas and electricity have become leading drivers of inflation.

Read at Business Insider