FOR IMMEDIATE RELEASE
October 12, 2023
Electricity Prices Increase at Triple the Rate of September CPI
FERC must enforce Order 1000 and require new regional transmission projects to be competitively bid to reduce electricity costs and fight runaway inflation.
WASHINGTON – The latest set of inflation data released by the U.S. Bureau of Labor Statistics confirmed that electricity price inflation continues to hurt households and businesses, far outpacing overall CPI. The September CPI measured monthly electricity services inflation at an increase of 1.3%, compared to just 0.4% for the overall CPI.
In a statement, Paul Cicio, Chair of the Electricity Transmission Competition Coalition, said: “Accelerating electricity price inflation is due to rising electricity transmission costs and is a growing burden on American households and businesses. The consistent increase in the cost of electricity is forcing homeowners to spend more on their monthly utility bills and reduces the competitiveness of manufacturing. FERC has failed to enforce Order 1000, a decade old rule that was supposed to usher in an era of transmission competition. We urge FERC to support consumers and not electric utility monopolies who oppose competition.”
The U.S. will need to spend an estimated $2.1 trillion according to Princeton University to achieve its net-zero goals; a large capital investment that could be made cheaper with electricity transmission competition. Competitively bid electricity transmission projects have been shown to reduce costs to consumers by up to 40 percent according to The Brattle Group. Competition would therefore save the U.S. over $840 billion.
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.
 NET-ZERO AMERICA: Potential Pathways, Infrastructure, and Impacts, Princeton University, https://netzeroamerica.princeton.edu/?explorer=year&state=national&table=2020&limit=200
 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