FOR IMMEDIATE RELEASE
June 10, 2022
ETCC: Electricity Consumer Price Index Increases 12%, Confirms that FERC Chairman Glick Should Embrace, Not Oppose Electricity Transmission Competition
WASHINGTON – New data released today by the U.S. Bureau of Labor Statistics provides stunning evidence that electricity price inflation is accelerating. The Consumer Price Index (CPI) for May measured electricity services inflation at 12%, an increase of 1.3% over the month of April, outpacing overall CPI which increased by 8.6% over the year, and 1% over the last month.
In a statement, Paul Cicio, Chair of the Electricity Transmission Competition Coalition, said: “Electricity price inflation continues to outpace overall CPI inflation, which is inflicting serious financial strain on American families and businesses. These numbers underscore why the Federal Energy Regulatory Commission (FERC) and Chairman Glick need to embrace transmission competition.”
“Transmission competition is a proven tool to combat inflationary pressures. Unfortunately, the FERC rejected competition in its recent Notice of Proposed Rulemaking,” he continued. “Competitively bid electricity transmission projects have been shown to reduce costs to consumers by 20-30 percent.”
The energy index rose 34.6 percent over the last year, the largest 12-month increase since the period ending September 2005.
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 70 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.