(LEX NEWS) — Americans are unlikely to get much relief from their energy bills, according to a new report showing utility companies across the country requested billions in rate hikes in the first half of this year.
The report, titled "Utility Bills Are Rising," was published by PowerLines, a consumer advocacy group that tracks utility rates across the country. It found that utility companies asked regulators for a record $9.2 billion in rate increases during the second quarter of this year — increases that could affect more than 56 million U.S. customers.
State regulators often approve increases at lower rates than what utility companies request, meaning state officials will ultimately determine what additional costs are passed on to consumers. However, PowerLines says regulators rarely reject rate requests completely, making some type of bill increase likely.
A majority of Americans are concerned about rising utility bills, according to PowerLines, as residential electricity costs have increased by almost 40% since 2021 — significantly outpacing inflation. According to the National Energy Assistance Directors Association, 1 in 6 American households are already behind on their utility bills.
Southern states are expected to face the largest increases. Utilities in southern states requested rate hikes totaling $4.5 billion, according to the report.
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