Iowa defies trend with cheaper electricity amid AI boom
Why it matters: Keeping rates affordable is crucial as the state emerges as a hub for energy-intensive industries like AI-powered data centers and cryptocurrency mining.
Clean energy advocates warn that the phase-out of wind and solar tax breaks could disrupt the movement and cause higher utility bills.
State of play: Iowa leads the country in the percentage of electricity it uses that's generated by wind, which can buffer against fossil fuel price spikes and promote pricing stability.
DSM-based MidAmerican Energy attributes nearly $16 billion in wind and solar projects over the past two decades for helping to keep its rates affordable.
By the numbers: The nationwide average retail residential price for 1 kilowatt-hour of electricity rose from 16.41 cents to 17.47 cents between May 2024 and May 2025, per the latest available data from the U.S. Energy Information Administration, a gain of about 6.5%.
Some states saw much larger increases, such as Maine (+36.3%), Connecticut (+18.4%) and Utah (+15.2%).
Five states experienced decreases: Nevada (-17.7%), Hawai'i (-7%), Montana (-2.6%), Iowa (-0.5%) and North Dakota (-0.1%).
Zoom in: Iowa's average rate is $14.23, the 15th lowest in the nation as of May, but higher than several neighboring states, including Missouri ($12.97) and Nebraska ($13.18), according to the data.
Hawaii ($41.03) and California ($35.03) had the highest rates.
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