Rising Energy Costs

U.S. commercial energy consumers have experienced an average price increase of 25 percent since March 2020. Industrial energy consumers have not fared much better with an average price increase of 21 percent in the same timeframe.[1] This dramatic increase in energy prices strains the bottom lines of a wide range of commercial and industrial consumers from manufacturers to educational systems, cities, and restaurants.

Though natural gas prices declined in 2023 and early 2024, there is little evidence this will translate to utilities returning rates to prior levels.[2] Indeed, many investor-owned utilities have secured approval from their respective utility commissions for year-over-year rate increases, covering costs for infrastructure upgrades and investing in renewable resources. In 2022, the Georgia PSC approved rate increases being phased in during 2023, 2024, and 2025. [3] Likewise, Duke Energy’s electric rates will increase by about 8.5% in 2024, 3.8% in 2025, and 3.5% in 2026.[4]

Amidst the escalating prices, organizations can find some relief in a utility bill analysis. By partnering with energy experts like UMS you will receive a comprehensive analysis of your utility bills identifying any potential overcharges or other savings opportunities that can be added back to your bottom line. As energy demand climbs, embracing data-driven insight from an analysis becomes crucial to the success and resilience of your operations.

For more up-to-date information on current energy trends and prices check out https://www.eia.gov/electricity/.