Energy Secretary Chris Wright expressed optimism that electricity prices will soon stop rising.
“Very soon, you’ll see a stop of the rise of electricity prices. And with the continuation of [the Trump administration’s] policies of energy addition, you will see declines in electricity prices later this term,” Wright told host Jacqui Heinrich on “Fox News Sunday.”
As of September, electricity prices were up 5.1 percent relative to 12 months prior, according to the Bureau of Labor Statistics (BLS). In January, electricity prices were up 1.9 percent from the previous year.
Overall inflation in September hit 3 percent, the same as in January, according to the BLS.
The U.S. Energy Information Administration (EIA), a semi-independent division of the Department of Energy (DOE), projects that next year, residential electricity prices will be up as much as 18 percent relative to 2022.
Experts have recently told The Hill that rising power prices stem from a variety of factors, including expensive rebuilding after extreme weather and high demand, which can be exacerbated by data centers.
