Trump’s 50% price-cut pledge missed as rates climb, with $9.2 billion in utility rate-hike requests filed in Q2 2026.
Residential electricity rates in the U.S. increased 18% from January 2025 through April 2026, defying President Trump’s pledge to cut prices by 50% within 18 months. The rise outpaced inflation, with rates climbing 7.3% in the last 12 months alone.
Utility companies filed $9.2 billion in rate-hike requests in Q2 2026, driven by surging demand from AI data centers and supply constraints. PJM’s auction costs alone rose $6 billion due to the mismatch, straining grid capacity.
The administration had paid nearly $1 billion to cancel offshore wind projects, further tightening future supply. The July 20, 2026 deadline for the pledge passed without progress on the promised reduction.