Guess Who Pays For The Multibillion-Dollar Utility Upgrades On The Way

May 23, 20220

Guess Who Pays For The Multibillion-Dollar Utility Upgrades On The Way

  • US utility companies will spend $140 billion this year and in 2023, the most since 2000.
  • ASCE [American Society of Civil Engineers]  forecasts a $200 billion funding gap for what’s needed to improve the grid over the next 7 years up to 2029. 
  • America’s power grid was built after the Second World War. ACSE found last year that 70% of transmission lines are pushing past their 50-year lifespans.
  • Earlier this year, The Wall Street Journal reported 180 major grid outages in 2020, compared to less than two dozen in 2000. That’s an 800% increase.
  • The average utility customer dealt with double the amount of energy disruption in 2013 when the government started tracking outage durations.
  • Weather-related outages topped 100 for the first time in 2020. No wonder utilities are spending so much on upgrades, just remember who is going to pay for it.
  • In 2021, the average retail electricity price for US residential customers rose to the highest price since 2008, according to the US Energy Information Administration.
  • More utility increases will likely come from high gas prices. For most of the last decade, residential utility bills were set well below the rate of inflation. 

Infrastructure is past its lifespan, energy pricing hitting all-time highs, and increasing demand… 

Are you ready?

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