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Price jolt: Electricity bills going up, up, up

In the Money section of USA Today, Paul Davidson reports, “Price jolt: Electricity bills going up, up, up.”

Here’s a shocker: Electricity bills are heading up. Way up.

Utilities across the USA are raising power prices up to 29%, mostly to pay for soaring fuel costs, but also to build new plants and refurbish an aging power grid.

Even more dramatic rate increases are ahead. The mounting electric bills will further squeeze households struggling with spiraling gasoline prices.

“Consumers now face a tough reality on electricity,” says Mark Cooper of Consumer Federation of America.

The increases come after rising fuel prices already have driven up utility bills nearly 30% in the past five years, the sharpest jump since the 1970s energy crisis.