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| U.S. Chamber Action |
| Stand Up for Free Enterprise |
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| SPOTLIGHT |
| What's Behind Rising Electricity Prices? |
| Location plays a role, but red tape is slowing the U.S.' ability to meet demand |
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Electricity is the silent conductor of our daily lives. It powers our homes and businesses, charges our devices, keeps us connected, and makes us comfortable, whether seeking warmth in winter or cool relief in summer.
Why it matters: When electricity costs surge, the burden on households and businesses intensifies. The economic consequences are severe, with operational costs spiraling and the possibility of job losses.
Reading the meter: A new U.S. Chamber interactive map shows how electricity prices varied widely from state to state in 2023. The data reveals that while some consumers saw their bills go down, costs are on the rise for most Americans.
(Regulatory) climate matters: While location impacts what you pay, it's not the only factor. The regulatory climate can affect your pocketbook just as cold winters or hot summers.
- Such as: EPA regulations targeting electric power plants could be finalized as soon as this week. These new regulatory pressures on the power sector will keep prices higher this year while driving them even higher in the future.
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- 33 states and the District of Columbia saw higher rates.
- 17 states experienced lower electricity rates in 2023.
- Maine, Rhode Island, California, Connecticut, and Nevada experienced the biggest price spike, with Maine's electricity users paying 20% more than in 2022.
- Hawaii, California, and several Northeastern states continue to have the highest electricity prices.
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What's at stake: The nation's electric grid will not be sufficient to support future investments, and the timeline for improving the grid is moving too slowly to meet the country's expected energy demands.
Chamber action: The single biggest obstacle to building the infrastructure of the future is a broken permitting system. That is why the U.S. Chamber calls on Congress to Permit America to Build by enacting reforms to modernize our nation's outdated permitting processes.
- Achieving the nation's power demands means eliminating the red tape that delays bringing new power plants online, constructing pipelines, and transmission lines, along with the roads that service them.
Amped up: There is bipartisan agreement that we need to modernize our permitting process, now we need bipartisan action.
Bottom line: Everyone feels the effects of rising electricity prices. The U.S. Chamber is committed to championing reforms to strengthen America's competitiveness and secure a future where affordable and reliable energy is accessible to power our homes, businesses, and communities.
Dig deeper:
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| FREE ENTERPRISE WORKS |
| Free Enterprise is a Cure for Global Poverty |
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“In dealing with poverty here and around the world, welfare and foreign aid are a Band-Aid. Free enterprise is a cure,” said U2’s Bono. “Entrepreneurship is the most sure way of development.”
American free enterprise is under threat from those who think it needs to be replaced. If they succeed, they will limit your potential, stifle growth, and undermine our future. |
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