Why U.S. Electricity Prices Are Surging Despite Promises of Relief

Despite promises to bring consumer bills down, electricity prices in the United States have surged in recent years. According to the U.S. Energy Information Administration (EIA), retail electricity prices have risen more rapidly than the rate of inflation since 2022, a trend that is expected to continue through 2026. Prices have increased by 4.5 percent over the past year, at almost double the rate of inflation for all goods and services. The price increases since 2020 can be blamed largely on the disruption of supply chains during the COVID-19…