Electricity Prices 13 Percent Higher This Year Than in 2022: EIA Projects

The average nationwide summer monthly bill is expected to hit $186, up 3.7 percent from last summer.

A utility crew works to restore power to houses in the Woodhaven section of the Queens borough of New York City, following a storm, on Aug. 11, 2020. Seth Wenig/AP Photo, File

Retail electricity prices, which have risen faster than the inflation rate since 2022, are expected to continue increasing this year and next, the Energy Information Administration (EIA) said in a May 14 statement.

Residential electricity prices are forecast to be 13 percent higher in 2025 compared with 2022. This is higher than the 11 percent growth in overall inflation predicted during this period.