Texas Scorecard by Luca Cacciatore October 30, 2024
Nationwide, the average wholesale cost of electricity prices during the first three years of the Biden-Harris administration has increased 72 percent.According to a new study by Energy Alliance, Texas’ wholesale price over the administration’s first three years was $117 for a three-year increase of 208 percent. California and New York had the next highest increases.
Overall, the average wholesale electricity prices during the first three years of the Biden-Harris administration have increased by 72 percent compared to prices in the last three years of the Trump administration.
Energy Alliance Policy Director Bill Peacock, the study’s author, stated that the “reasons for the higher prices are not surprising” and laid much of the blame on the current administration’s Inflation Reduction Act.
“Instead of lowering prices, the Inflation Reduction Act (IRA) hiked taxes on businesses, mandates price controls on drugs, devoted $80 billion to hire 87,000 new Internal Revenue Service (IRS) agents to target middle class Americans, and earmarked $300 billion to advance Democrats’ radical climate agenda,” read a press release from the committee.
Another Energy Alliance study found that the Inflation Reduction Act more than tripled the amount of subsidies going to unreliable energy sources. Annual subsidies are now expected to average $245 billion through 2029.
More:
https://texasscorecard.com/state/texas-leads-the-us-with-electricity-price-increases-under-the-biden-harris-administration/
