Repealing Clean Energy Tax Credits Would Raise Electricity Costs Across 19 States

Recent developments indicate a trend of rising electricity and energy costs impacting consumers and businesses across various regions. A study by the Clean Energy Buyers Association warns that repealing clean energy tax credits could increase electricity costs in 19 states by driving reliance on constrained natural gas generation, adversely affecting energy-intensive industries and tech companies with growing electricity demands. In Vietnam, a 4.8% electricity price hike is prompting manufacturers to restructure operations and invest in energy-saving technologies to manage rising production expenses. South Carolina has enacted legislation allowing utilities to request expedited annual rate increases in addition to the traditional multiyear process, a move intended to smooth out rate hikes but raising concerns about reduced oversight and potential higher costs for customers. Meanwhile, Minnesota faces potential energy cost increases due to proposed federal budget cuts eliminating the Low-Income Home Energy Assistance Program, which currently aids over 125,000 households with utility bills, raising risks of utility shutoffs in winter. Additionally, U.S. energy prices in April saw a 0.7% month-over-month increase driven by higher natural gas and electricity prices despite lower gasoline costs, contributing to ongoing inflationary pressures.