WASHINGTON – The most recent batch of inflation data released today by the U.S. Bureau of Labor Statistics showed sustained long-run electricity price inflation for consumers, continuing the trend of soaring costs this year. The November CPI measured annualized electricity services inflation at 13.7%, in contrast to overall CPI which increased by 7.1% on a 12-month basis.

In a statement, Paul Cicio, Chair of the Electricity Transmission Competition Coalition, said: “The price of electricity has increased at a far greater rate than economy-wide inflation and won’t decrease until the Federal Energy Regulatory Commission (FERC) embraces transmission competition.”

“President Biden, the Federal Trade Commission, and the Department of Justice have all endorsed competition, and yet the FERC stands poised to reject competition in its notice on proposed rulemaking. This would be devastating for consumers and undermine the objectives of the Biden administration to lower costs and protect consumers.”

Competitively bid electricity transmission projects have been shown to reduce costs to consumers by up to 40 percent according to The Brattle Group.[1] The U.S. will need to spend $2.1 trillion on transmission to reach its net-zero goals by 2050 according to Princeton University meaning that electricity transmission competition could save as much as $840 billion for Americans.[2] The electric utility industry is opposed to competition and supports the FERC NOPR.

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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 more than 86 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

[1] Brattle Group: Cost Savings Offered by Competition in Electric Transmission, https://www.brattle.com/wp-content/uploads/2021/05/16726_cost_savings_offered_by_competition_in_electric_transmission.pdf

[2] NET-ZERO AMERICA: Potential Pathways, Infrastructure, and Impacts, Princeton University, https://netzeroamerica.princeton.edu/?explorer=year&state=national&table=2020&limit=200