Prepare to pay more for less-reliable electricity:
- Electricity prices have increased 4.4% over the past year, outpacing the overall inflation rate of 3%
- From 2013-2022, electricity outage frequency has increased by ~20% and outage duration by 46%
The country’s power grid is becoming more unstable due to age; 70% of the U.S. electricity grid is more than 25 years old, and extreme weather.
Not great timing: Electricity demand is surging from data centers needed for AI and electric vehicles (EVs), which could strain the power grid even more. Data centers are projected to use 9% of U.S. electricity by 2030, and electricity demands from EVs jumped to new highs in early 2024.
