FOR IMMEDIATE RELEASE
November 14, 2023
Electricity Price Inflation Increases - Consumer Price Index is Flat
Electricity transmission spending without competition drives electricity inflation.
Consumers Call on FERC to Take Action to Fight Runaway Prices and Help Lower Inflation by Requiring Electricity Transmission Competition in Transmission Planning NOPR.
WASHINGTON – Today’s inflation data release by the U.S. Bureau of Labor Statistics confirms that electricity prices continue to rise causing harm to households and businesses. Electricity prices have far outpaced other energy commodities, which continued their steep declines over the past year. The October CPI measured monthly electricity services inflation at 0.3%, in contrast to energy commodity prices which decreased by 4.9%, while the CPI stayed flat. The annualized increase in electricity price inflation was 2.4%, compared to a decrease of 6.2% for energy commodities. Inflation continues to be a key concern for Americans and while the price of generation continues to fall, electricity prices have consistently risen, putting financial pressure on consumers.
In a statement, Paul Cicio, Chair of the Electricity Transmission Competition Coalition, said: “Inflation is a primary concern of American consumers and electricity prices continue their persistent increases. FERC must do its part in the fight against inflation to enforce and expand Order 1000 and require competition for FERC jurisdictional transmission projects. Competitive bidding of large transmission projects can reduce the cost of transmission projects by 40 percent, leading to savings for consumers.”
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 80 companies and organizations from 48 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.