Energy Secretary Chris Wright expressed optimism that electricity prices will soon stop rising.<\/p>\n\n\n\n
\u201cVery soon, you\u2019ll see a stop of the rise of electricity prices. And with the continuation of [the Trump administration\u2019s] policies of energy addition, you will see declines in electricity prices later this term,\u201d Wright told host Jacqui Heinrich on \u201cFox News Sunday.\u201d<\/p>\n\n\n\n
As of September, electricity prices were up 5.1 percent relative to 12 months prior, according to the Bureau of Labor Statistics<\/u><\/a> (BLS). In January, electricity prices were up 1.9 percent from the previous year.<\/p>\n\n\n\n Overall inflation in September hit 3 percent, the same as in January, according to the BLS. <\/p>\n\n\n\n The U.S. Energy Information Administration (EIA), a semi-independent division of the Department of Energy (DOE), projects that next year<\/u><\/a>, residential electricity prices will be up as much as 18 percent relative to 2022. <\/p>\n\n\n\n Experts have recently told The Hill that rising power prices<\/u><\/a> stem from a variety of factors, including expensive rebuilding after extreme weather and high demand, which can be exacerbated by data centers.<\/p>\n\n\n\n