FOR IMMEDIATE RELEASE
July 11, 2024
Annual Electricity Prices Continue to Rise Amid Summer Heatwave
Transmission costs are skyrocketing due to lack of competition and FERC’s “Right-Sizing” provision will only accelerate these rising costs
WASHINGTON – The latest inflation data from the Bureau of Labor Statistics confirms the projections from the Energy Information Administration; that electricity inflation continues to punish consumers in their monthly bills. In June 2024, electricity inflation rose by 4.4% on an annual basis, compared to the Consumer Price Index’s 3%. While electricity generation costs remain low, today’s inflation numbers confirm projections by the EIA that Americans will pay their highest electricity prices of around $173 per month this summer.
In a statement, Paul Cicio, Chair of the Electricity Transmission Competition Coalition, said: “FERC Order 1920 and its “Right Sizing” provision will continue to spur transmission projects that are not competitively bid. Without competition, incumbent electric utilities have little incentive to contain costs. Electric utilities receive a 10-12% return on investment from FERC for periods of 40 years or more for transmission projects. Electricity transmission competition is the only way to keep prices down, but less than 10% of all transmission projects are competitively bid.”
Read more about the benefits of transmission competition in ETCC’s comprehensive report.
About the Electricity Transmission Competition Coalition
The Electricity Transmission Competition Coalition (ETCC) is a broad-based, nation-wide coalition committed to increasing competition in America’s electricity transmission infrastructure. We advocate for common-sense policies and solutions that result in competitively priced transmission projects, which reduce energy costs for all ratepayers – from large manufacturers to residential consumers. The ETCC represents a diverse group of 95 companies and organizations from all 50 states, including manufacturing groups, retail electric consumers, state consumer advocates, public power representatives, think tanks, and non-incumbent transmission developers.
For more information, visit: www.electricitytransmissioncompetitioncoalition.org.
Press Contact:
Julian Graham
jgraham@signaldc.com
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