Consumers set to get crushed as utilities switch to solar and wind power
American energy providers are planning to invest hundreds of billions of dollars in green energy, even as such projects lead to skyrocketing costs for consumers.
Energy companies are projected to spend $140 billion in both 2022 and 2023, upgrading grid infrastructure, building renewable energy projects and preparing for electric-vehicle-fueled demand, the Edison Electric Institute told The Wall Street Journal, marking the largest yearly totals since the industry group began tracking the figure more than two decades ago.
Overall, energy bills are expected to increase by up to 3% on an annual basis, according to the research firm Sector & Sovereign Research, the WSJ reported. Energy bills have stayed relatively flat over the last several decades, Bureau of Labor Statistics data showed.
“You’re forcing more and more demand for electricity because the environmentalists want everything to be electric,” Dan Kish, a senior fellow at the Institute for Energy Research, told the Daily Caller News Foundation in an interview. “Yet, the sources you’re allowing to be used to make the electricity are getting more expensive.”
Kish noted government data showing that residential customers’ energy bills increased 4.3% in 2021, the largest annual increase since 2008. – READ MORE
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