Energy Secretary Chris Wright has said that consumers can expect relief from the relentless rise in electricity prices, and even declines later in President Donald Trump’s term.
Electricity Prices Will Stop Rising ‘Very Soon’
On Sunday, Wright said that the sector faces lingering challenges because of decisions made under former President Joe Biden, whose policies he said restricted energy supply and pushed costs higher, while appearing on “Fox News Sunday.”
“For four years, the Biden administration shut down coal plants, shut down natural gas plants,” Wright said, adding that there were also four hydroelectric dams in Washington, which were slated to be dismantled by the prior administration, before it was halted by Trump.
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Wright said that prices are expected to stop rising “very soon,” with even price declines over the next few years, owing to Trump’s “energy addition” policies.
According to Wright, the current administration’s pro-energy policies are already having an impact, with gasoline prices at “the lowest they’ve been in 20 years” aside from a short period during the COVID-10 pandemic.
“And so, we’re doing everything we can to stop that rise in electricity prices that was driven by Biden policies,” he said, while noting that there is some inertia in the segment, which is preventing prices from coming down right away.
Electricity Prices Outpace Inflation
According to the U.S. Energy Information Administration, electricity prices have outpaced broader inflation since 2022, having risen 13% on average since then.
Prices have continued to rise in 2025, with retail prices surging 6.7% in September 2025, compared to the same period last year.
This comes amid growing concerns of rising demand from AI data centers, which now account for 5% of total U.S. electricity demand, and is set to double over the next five years, resulting in increased pressure on the grid, alongside higher prices for households.
Economist Justin Wolfers has compared the AI-driven surge in energy demand to a temporary “egg shortage” and has said that the rising prices will spur new investments and supply going forward.
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