Rhode Island has second highest electricity price increase in 1 year

Rhode Island experienced the largest increase in electricity prices in New England and the second-highest in the country over the past 12 months, according to new analysis from Aklan Investment Research.

Electricity prices in the Ocean State rose 16.3% year over year, placing Rhode Island just behind Pennsylvania (+18.9%) nationwide.

The report found that several Mid-Atlantic and Northeast states led the country in electricity price growth, with New Jersey (+15.7%) and Maine (+15.0%) also posting double-digit increases. By comparison, some states saw stable or declining electricity prices during the same period, including neighboring Connecticut, which recorded a decrease.

States with the largest electricity price increases

• Pennsylvania: +18.9%
• Rhode Island: +16.3%
• New Jersey: +15.7%
• Maine: +15.0%
• Ohio: +14.5%
• Maryland: +13.0%
• Washington: +12.2%
• California: +12.2%
• Indiana: +11.1%
• New York: +10.7%

States with the largest decreases or smallest increases

• Nevada: −7.7%
• Connecticut: −7.6%
• New Mexico: −2.9%
• Tennessee: −1.8%
• Hawaii: −0.3%
• North Carolina: 0.0%
• Arizona: +0.2%
• South Dakota: +0.7%
• Iowa: +1.3%
• West Virginia: +1.4%

Energy demand pressures, winter weather and growing electricity consumption from large users such as data centers have all contributed to rising power costs nationally, the analysis noted. Electricity prices across the U.S. increased faster than overall inflation over the past year.

With the largest year-over-year increase in New England and the second-highest in the nation, Rhode Island households are seeing some of the sharpest jumps in electricity costs in the country as utility bills continue to climb.