Power Bills Will Likely Creep Up This Summer. Here’s How to Keep Them Under Control – By Dan Avery (CNET) / May 18, 2023
Energy costs might not come back down to Earth until winter.
After years of soaring energy prices, Americans could finally see their utility bills level off in the coming months — or at least rise more modestly.
According to the Bureau of Labor Statistics’ Consumer Price Index report, the cost of residential electricity jumped 14.3% between 2021 and 2022. From April 2022 to April 2023, the increase was only 8.4%.
And while prices are still up from last year, they actually decreased 0.7% from March to April.
“We’ve seen a pretty chaotic few years in electricity markets, to say the least,” said Joseph Politano, an economic analyst who writes the biweekly Apricitas newsletter. “There’s had to be a lot of adapting to new consumption patterns from the pandemic and a lot of big shocks to energy sources due to the Russia-Ukraine situation.”
