Trump’s Energy Chief Says High Power Bills Are His Top Concern
(Bloomberg) -- President Donald Trump’s energy chief says soaring US electricity prices are his biggest concern, remarks that come as analysts warn utility bills could become a political liability for Republicans.
“It’s what I worry about most seven days a week,” Energy Secretary Chris Wright told Fox Business News on Tuesday. “We want to stop the rise in electricity for Americans and reshore jobs and opportunity there.”
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After decades of flat power demand, surging consumption from data centers, new manufacturing and the electrification of the economy is shaking up the US grid. Utility bills are rising as energy companies rush to generate enough electricity and build infrastructure to transmit it around the country. Politicians and regulators, meanwhile, are under growing pressure to tame the price increases.
Electricity prices across the country rose at more than twice the rate of overall inflation in the past year and are holding near a record high. Residential electricity prices have climbed about 10% from January until May and are projected to gain another 5.8% next year, according to the Energy Information Administration.
As with pricey gasoline, analysts say the incumbent party may get the blame for elevated utility bills, especially after a campaign promise by Trump to cut power prices in half. But Wright, who said electricity prices rose nearly 30% during former President Joe Biden’s tenure, blamed the previous administration’s policies.
“It’s part of the reason why President Trump was elected and won all of the swing states,” Wright said. “That is a key challenge for us.”
--With assistance from Josh Saul.
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