After years of soaring energy prices, people in the US could finally see their utility bills level off in the coming months — or at least rise more modestly.
According to the Bureau of Labor Statistics’ Consumer Price Index report, the cost of residential electricity jumped 14.3% between 2021 and 2022. From April 2022 to April 2023, the increase was only 8.4%.
And while prices are still up from last year, they actually decreased 0.7% from March to April.
“We’ve seen a pretty chaotic few years in electricity markets, to say the least,” said Joseph Politano, an economic analyst who writes the biweekly Apricitas newsletter. “There’s had to be a lot of adapting to new consumption patterns from the pandemic and a lot of big shocks to energy sources due to the Russia-Ukraine situation.”
Now the industry is finally righting itself, according to Politano.
“It’s going to be a much…
