Track and see the drivers of in electricity costs in North Carolina
Rising fuel costs, primarily natural gas costs, are the main reason NC electricity bills have gone up in recent years, having driven around two-thirds of the increases in residential electricity bills since 2017.1 The portion of a North Carolinian's electricity bill due to fuel costs has also been going up. That means an average household is now paying nearly $300 a year more in fuel costs.
For the latest data from February 2025,2 natural gas provided 42% of electricity for North Carolina, making our state very vulnerable to increases in natural gas costs. As demand for gas increases due to AI and other sources, and the US increases exports of natural gas, prices will go up, increasing the electricity cost burden on NC families. Fuel cost increases are also passed directly onto rate payers, with the utility seeing none of the risk.
Sources of Electricty in NC for Feburary 2025
Senate Bill 266, the so called “Power Bill Reduction Act,” will actually do the opposite of its name. The bill will force the electricity system to double down on natural gas and make us more vulnerable to natural gas price increases that have been increasing costs. It also shifts costs from large industrial consumers to families.