Americans Face Rising Utility Costs As Rate Hikes Spread Nationwide

Benzinga

Electricity costs are climbing nationwide as utilities push $34B in rate hikes—double last year’s level—impacting over 124M customers. Rising power bills are becoming a key political issue ahead of upcoming elections.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Residents across the U.S. are facing higher electricity costs as utility rate hikes ripple

00:07nationwide, according to CBS News. Utility rate hike requests and approvals reach more than $34

00:12billion in the first three quarters of 2025, power lines reported. And that figure is nearly

00:17double the $16 billion recorded during the same period in 2024, will affect more than 124 million

00:23customers. Residential electricity prices for U.S. households rose 11 percent between January and

00:29August, according to the U.S. Energy Information Administration. Politicians are now seizing on

00:33the issue, with both New Jersey gubernatorial candidates pledging to cut energy costs out of

00:38the November 4th election. Analysts expect utility prices to remain a major political flashpoint

00:43through the 2026 midterms. For all things money, visit Benzinga.com.

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