Page 22 - The South China Business Journal

D.C. TODAY

Pipeline Bottlenecks,

Increasing Demand

Driving Up

Electricity Prices

By Heath Knakmuhs, U.S. Chamber of Commerce

T he Chamber’s 2024 electricity cost analysis reveals critical demand for power and pipeline expansion.

Reliable electricity is essential for our homes and businesses, making its cost a concern for everyone. As we
electrify more aspects of our lives and continue to grow our economy, higher costs will impact our wallets
even more. We track these prices annually with the latest government data in our Electricity Price Map.
As has been the case in previous years, a major takeaway from this year’s data is that misguided policy
decisions have real-world consequences on individuals and communities. In an uncertain economic climate,
this data reinforces that policymakers at the state and federal levels must prioritize pro-growth policies that
will increase supply and keep prices low. Continue reading for a snapshot of 2024’s electricity costs.

A New Nationwide Hi

In the twelfth edition of our annual map, the 2024 nationwide average electricity price reached a new high
of 12.99 cents per kilowatt hour (¢/kWh). While this constitutes a 2.44% increase as compared to 2023’s
nationwide average, it amounts to a much higher 22.55% increase over the nationwide average price just
昀椀ve years ago.

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