FOR IMMEDIATE RELEASE
July 13, 2022
ETCC: In Response to Electricity Price Inflation Increase of 13.7%, FERC Chairman Glick Must Support Electricity Transmission Competition to Lower Consumer Costs
WASHINGTON – New data released today by the U.S. Bureau of Labor Statistics provides further evidence that electricity price inflation is accelerating. The Consumer Price Index (CPI) for June measured annualized electricity services inflation at 13.7%, an increase of 1.7% over the month of May, outpacing overall CPI which increased by 9.1% over the year, and 1.3% over the last month.
In a statement, Paul Cicio, Chair of the Electricity Transmission Competition Coalition, said: “Electricity price inflation is outpacing overall CPI growth placing serious financial strain on ratepayers. Unfortunately, by rejecting transmission competition, the FERC Notice of Proposed Rulemaking, issued in April, will unleash electricity inflation for decades to come.
Electricity transmission competition is a proven anti-inflationary tool that will provide long-term financial relief for consumers. Competitively bid electricity transmission projects have been shown to reduce costs to consumers by up to 40 percent.”
The Energy Information Administration has warned that wholesale electricity prices will increase significantly this summer, further harming consumers who are grappling with soaring costs.
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.