{"id":2550,"date":"2023-02-27T16:09:10","date_gmt":"2023-02-27T16:09:10","guid":{"rendered":"https:\/\/micleanpropane.com\/?p=2550"},"modified":"2025-08-29T18:25:04","modified_gmt":"2025-08-29T18:25:04","slug":"electricity-prices-surged-14-3-in-2022-double-overall-inflation-us-report","status":"publish","type":"post","link":"https:\/\/micleanpropane.com\/index.php\/2023\/02\/27\/electricity-prices-surged-14-3-in-2022-double-overall-inflation-us-report\/","title":{"rendered":"Electricity prices surged 14.3% in 2022, double overall inflation: US report"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2550\" class=\"elementor elementor-2550\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cea1079 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cea1079\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2d5b7a2\" data-id=\"2d5b7a2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c9a4d70 elementor-widget elementor-widget-text-editor\" data-id=\"c9a4d70\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><strong>Dive Brief:<\/strong><\/h3><ul><li>Consumers paid an average of 14.3% more for electricity in 2022 compared to 2021, according to <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\" target=\"_blank\" rel=\"noopener\">Consumer Price Index<\/a> data that the U.S. Bureau of Labor Statistics released on Jan. 12.&#8221; This increase is more than double the overall 6.5% rise in consumer prices. On a month-to-month basis, electricity prices rose by 1%, while the overall CPI decreased by 0.1%.<\/li><li>According to the <a href=\"https:\/\/www.eia.gov\/outlooks\/steo\/report\/elec_coal_renew.php\" target=\"_blank\" rel=\"noopener\">Energy Information Administration, <\/a>electricity prices are expected to continue rising, albeit at a slower pace. The average residential electricity rate increased from 13.66 cents per kWh in 2021 to 15.07 cents in 2022. Projections indicate rates will climb to\u00a015.45 cents per kWh in 2023 and rise by\u00a0another penny in 2024.<\/li><li>Heating homes with electricity will\u00a0<a href=\"https:\/\/neada.org\/wp-content\/uploads\/2022\/11\/Winter-2022-23-Heating-PR.pdf\">cost 10.2% more<\/a> <strong data-start=\"1234\" data-end=\"1260\">this winter<\/strong> than it did last year. Households are projected to spend an average of $1,359 for the season, according to the National Energy Assistance Directors\u2019 Association (NEADA).<\/li><\/ul><h3><strong>Dive Insight:<\/strong><\/h3><ul><li>The inflationary pressure gripping the U.S. economy since late 2020 has started to ease. For example, price increases in December slowed to 6.5% year-over-year, down from 7.1% in November. This marks the sixth consecutive month of year-over-year declines, following a peak of 9.1% in June 2022.<\/li><li>However, <a href=\"https:\/\/www.bls.gov\/charts\/consumer-price-index\/consumer-price-index-by-category-line-chart.htm\">electricity inflation peaked<\/a> at 15.8% in August, according to the BLS data.<\/li><li>Tyson Slocum, Director of Public Citizen\u2019s Energy Program, emphasized that domestic electricity prices are heavily influenced by global events, especially the war in Ukraine. Russia\u2019s invasion disrupted global energy markets, contributing to rising prices in the U.S.<\/li><li>Slocum also noted that energy costs are regressive\u2014they consume a larger portion of income for low-income households than for wealthier ones. Although improving energy efficiency could help, renters often lack the authority to make such upgrades.<\/li><li>The Inflation Reduction Act provides new funding for energy efficiency improvements, but Slocum pointed out that it remains \u201cheavily tax incentive-focused,\u201d which limits accessibility for many Americans.<\/li><li>As of Nov. 7, more than 20 million U.S. households were behind on utility bills, <a href=\"https:\/\/neada.org\/wp-content\/uploads\/2022\/11\/20millionbehindPR.pdf\">according to<\/a> NEADA. Families collectively owed $16.1 billion as of August 2022, nearly double the total owed in December 2019. The average amount owed per household rose from $629 to $788.<\/li><li>The EIA projects a decline in <a href=\"https:\/\/www.eia.gov\/outlooks\/steo\/report\/elec_coal_renew.php\" target=\"_blank\" rel=\"noopener\">retail electricity<\/a> sales in 2023, citing a milder summer with about 10% fewer cooling degree days. Electricity generation is also expected to fall this year, before trending upward again in 2024.<\/li><li>Significantly, renewable energy sources are leading the growth in U.S. electricity generation. Renewables are projected to account for 24% of U.S. electricity generation in 2023, and 26% in 2024, up from 21% in 2022.<\/li><li>In addition to electricity, natural gas use and prices hit historic highs. The EIA\u00a0<a href=\"https:\/\/www.eia.gov\/naturalgas\/weekly\/#itn-tabs-2\" target=\"_blank\" rel=\"noopener\">stated that natural gas consumption<\/a>, production, and exports all set new records in 2022. Increased demand in the electric power sector played a key role, with real average prices reaching their highest point in 14 years.<\/li><\/ul><p><em>Original article by:\u00a0<\/em><i><a href=\"https:\/\/www.utilitydive.com\/news\/electricity-prices-inflation-consumer-price-index\/640656\/\">https:\/\/www.utilitydive.com\/news\/electricity-prices-inflation-consumer-price-index\/640656\/<\/a>\u00a0<\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Dive Brief: Consumers paid an average of 14.3% more for electricity in 2022 compared to 2021, according to Consumer Price Index data that the U.S. Bureau of Labor Statistics released on Jan. 12.&#8221; This increase is more than double the overall 6.5% rise in consumer prices. On a month-to-month basis, electricity prices rose by 1%, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2551,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"on","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"off","ocean_gallery_id":[],"footnotes":""},"categories":[25],"tags":[151,145,147,146,150,73,94,149,86,71,72,148,41],"class_list":["post-2550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-electricity-inflation-statistics","tag-electricity-price-trends","tag-electricity-rates-2022","tag-energy-cost-inflation","tag-high-utility-bills","tag-low-emission-propane-energy","tag-lower-emissions-in-michigan","tag-michigan-electricity-costs","tag-michigan-energy-package-cost","tag-propane-energy-alternative","tag-propane-for-climate-goals","tag-propane-vs-electric-heat","tag-propane-vs-electricity","entry","has-media"],"yoast_head":"<!-- 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