Skyrocketing Energy Prices: Electric Soars 29.4%

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Energy prices, particularly the cost of electricity, have skyrocketed under Democrat Bidenomics. It outpaced inflation.

BIDENOMICS

Since January 2021, electricity prices have soared 29.4%. That is 50% more than overall inflation, which is awful as well.  It is rising 13 times faster than the previous seven years, according to a Wall Street Journal analysis of Bureau of Labor Statistics data.

In the seven years before Biden took office, electricity prices rose just 5%.

“Federal regulations, renewable subsidies, and state green-energy mandates are forcing fossil-fuel and nuclear plants to retire prematurely. Solar and wind need backup from so-called peaker gas plants, usually at a hefty premium. During power shortages, spot prices can hit $10,000 per megawatt hour compared to $30 to $60 on a normal basis,” writes the WSJ Editorial Board.

Other Bad Democrat Policies That Won’t Help the Planet, from the WSJ:
  • State net-metering programs subsidize people with solar panels for excess power they remit to the grid. If you don’t have solar, you pay more.
  • The costs of hardening the grid to support the government’s green energy transition are increasing. Utilities are paying about $370 billion. Consumers get to pay for it.
  • Higher interest rates are also increasing the cost of new green-energy projects.
  • Inflation Reduction Act (IRA) tax credits can offset up to 50% of a project’s cost, but offshore wind developers say this isn’t enough and are demanding to be paid higher rates—often four times more than natural gas plants.
  • IRA subsidies will increase electric bills even more. Businesses pass on their higher energy costs to customers. U.S. manufacturers will become less competitive. Prices for cars and appliances will rise.

The Inflation Reduction Act is the biggest legislative misnomer of all time.


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