As electric bills rise, some states are focusing on the growing profits of utilities
Consumer advocates say 110 for-profit utilities lifted profits from just under $39 billion in 2021 to over $52 billion in 2024.
- Officials and lawmakers in at least six states—including Arizona, Indiana, Maryland, New Jersey, New York, and Pennsylvania—are working to block proposed utility rate increases and pressing companies to change their financing models.
- Profits for 110 for-profit utilities surged from under $39 billion in 2021 to over $52 billion in 2024, prompting consumer advocates to argue that about 10% of typical customer bills represents 'excess profit' above reasonable returns.
- Arizona Attorney General Kris Mayes is challenging 14% proposed increases, calling them 'unbearable,' while Pennsylvania Gov. Josh Shapiro pressured PECO to withdraw a 12.5% rate increase, arguing "We can no longer simply prioritize corporate profitability to drive infrastructure development."
- Following stakeholder pressure, Exelon Corp. withdrew its rate increase request after CEO Calvin Butler told analysts on May 6 that the company is committed to keeping energy bills as low as possible.
- Affordability has become a leading theme in Democrats' attempts to loosen Republicans' control of Washington this midterm election year, as economics professor Paul Ferraro of Johns Hopkins University notes that targeting utility returns reflects deep social disagreements about infrastructure.
45 Articles
45 Articles
As electric bills rise, Pennsylvania among states focusing on growing profits of utilities
The artificial intelligence boom is leading to fights in some states over growing utility profits, as governors, attorneys general and others protesting rising electricity bills say cash-strapped residents are stuck in a broken system.
Some states blast utilities for 'blatant corporate greed' as profits rise while consumers revolt against AI-fueled electric bills
The artificial intelligence boom is leading to fights in some states over growing utility profits, as governors, attorneys general and others protesting rising electricity bills say cash-strapped residents are stuck in a broken system. Officials and lawmakers in at least six states — including Arizona, Indiana, Maryland, New Jersey, New York and Pennsylvania — are going to new lengths to try to block rate increases proposed by utilities. Some ar…
Associated Press News
As electric bills rise, some states are focusing on the growing profits of utilities
The artificial intelligence boom is leading to fights in some states over growing utility profits. Governors, attorneys general and others are protesting rising electricity bills and say cash-strapped residents are stuck in a broken system.
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