Latest news with #EnergyInnovation
Yahoo
5 days ago
- Business
- Yahoo
Will the Big Beautiful Bill Make Your Utility Bills More Expensive? Experts Weigh In
Trump's Big Beautiful Bill, signed into law on July 4, rolls back clean energy tax credits, repeals climate-focused funding and expands oil and gas development. While some Senate Republicans claim the bill is pro-growth, energy experts warn it could raise utility bills across the U.S. and make long-term power costs more volatile — below is what they had to say. Also here's ChatGPT's simple explanation of what the Big Beautiful Bill is. Explore More: Read Next: Power Bills Could Jump According to a report from Energy Innovation, households across the U.S. could pay a combined $170 billion more for energy between 2025-2034 due to the Big Beautiful Bill. Patrice Williams-Lindo, a workforce futurist, visibility strategist and CEO of Career Nomad, who has advised energy firms on digital adoption and job transitions, said the Big Beautiful Bill doesn't support the energy systems people actually rely on. 'Consumers might see temporary dips in prices if domestic oil and gas production is amped up,' she said. 'But that's a supply illusion. Without long-term investment in resilient grids, diversified energy sources or consumer subsidies, bills will spike again — especially in disaster-prone regions.' Owen Quinlan, head of data at Arbor, said households are already feeling it. 'In many cities, rates have jumped 10% to 45% this summer,' he said. 'And that's before factoring in the potential impact of this bill.' Quinlan's team tracks real-time energy prices across the country. He warned that pulling back on clean energy now could make things more difficult for households already feeling the strain of higher bills. For You: Clean Energy Keeps Prices Down, but That Could Change Quinlan pointed out that solar already plays a big role in keeping daytime prices low. 'The challenge comes when the sun goes down and demand stays high — that's when the grid relies on costly backup power and prices can spike dramatically,' he explained. 'Without more investment in clean energy and the infrastructure to support it, those price spikes could become more common and expensive.' Williams-Lindo said rolling back clean energy also hits the workforce. 'Rolling back climate-forward policies will stall the growth of future-ready jobs in solar, wind, grid optimization and green infrastructure,' she said. She added that it could mean fewer affordable energy options for consumers and fewer high-wage jobs in underserved regions. What's Missing From the Energy Conversation Williams-Lindo shared what she called the RNA framework: Rebrand, Network, Achieve Recognition and said that consumers and industry leaders will need to rebrand how they engage with energy, moving from passive users to educated advocates. 'Utilities will need to network across sectors — tech, policy, labor — to build smarter, equitable pricing models,' she said. 'And marginalized communities, especially Black and brown households often hit hardest by utility hikes, must be recognized in energy policy as stakeholders, not just line items.' According to Lindo, patriotic branding doesn't pay your power bill. Without transparency, equity and investment in energy innovation, the Big Beautiful Bill could lead to big ugly bills for everyday Americans. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on Will the Big Beautiful Bill Make Your Utility Bills More Expensive? Experts Weigh In
Newsweek
21-07-2025
- Business
- Newsweek
Map Shows Which States Could See Energy Bills Rise From GOP Budget Bill
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. The budget reconciliation bill signed into law by President Donald Trump on July 4 repeals many renewable energy incentives introduced by the Biden administration, which analysts warn could limit energy production and increase costs for Americans nationwide. According to the climate policy think tank Energy Innovation, the energy provisions of the "One Big Beautiful Bill Act" will raise wholesale electricity prices by 25 percent by 2030 and by 74 percent by 2035, while increasing the rates consumers pay by between 9 and 18 percent over the decade. In response to these fears, the White House told Newsweek that the bill will "turbocharge oil production," lowering overall energy costs and providing "further relief to American families and businesses." Why It Matters The projected increases in Americans' energy bills, which are already rising for reasons beyond the GOP's budget, will further strain household budgets, particularly in regions that have adopted or planned to expand their adoption of clean energy technologies to meet their electricity demands. In addition to rising energy costs, analysts believe the bill could also see hundreds of thousands of job losses, as renewable energy projects across the country are halted or canceled outright. What To Know The bill, signed into law after months of interparty debates and revisions, amends several clean energy grant programs enacted during the presidency of Joe Biden and via his flagship 2022 Inflation Reduction Act. The budget pulls funding for clean energy programs and phases out various renewable tax credits, primarily by shortening the qualification window for wind and solar projects. According to Energy Innovation, the downstream impacts of the bill on renewable energy projects—many of which will be abandoned as a result—will "significantly hamper the development of domestic electricity generation capacity," resulting in a 340 gigawatt decrease in generation capacity by 2035 despite the simultaneous efforts to increase nonrenewable energy production. Their research found that the bill will raise energy costs for all Americans, but Dan O'Brien, a senior analyst at the think tank, told Newsweek recently that these impacts would "vary by state." This, he said, depends on each region's geography and potential for solar and wind developments, as well as states' willingness to support investments in such technologies without federal assistance. Below is a map detailing Energy Innovation's estimates for the annual energy cost increases expected by 2030 and 2036 as a result of the Big Beautiful Bill. According to the findings, Nevadans will see the most significant price hike by the end of this decade, with the bill adding $300 to the average $1,600 currently paid annually in the state. Energy Innovation said this significant increase is due to the declining deployment of new energy resources, which will result from the bill's passage. Nevada has long been a leader in incorporating green energy, with renewables accounting for 43 percent of Nevada's total in-state electricity generation in 2024, according to the U.S. Energy Information Administration. Nationally, these account for around a quarter of America's total generation. By 2035, Missouri is expected to see the largest increase of $640, followed by Kentucky and South Carolina, both at $630. "As deployment of new energy resources and advanced manufacturing decline under the bill, Missouri will lose out on significant planned private investment," the think tank wrote in its analysis, adding that the state will also see annual losses of $1.4 billion in its gross domestic product (GDP) by 2030, rising to $3.5 billion by 2035. What People Are Saying Dan O'Brien, a senior analyst at Energy Innovation, told Newsweek: "This bill will raise energy prices for all Americans. The impacts will vary by state. Some states in the South and Midwest have enormous potential for wind and solar development due to their unique geographies, but little state policy to back this investment. As a result, these are the states where we forecast lots of projects will fail and where dependence on increasingly expensive natural gas generation is likely." He added: "Much of energy cost inflation is due to increases in the price of power as fewer low-cost renewables are added to the grid. In fact, we find this bill will increase the inflation-adjusted price of electricity over a sustained period of several decades for the first time since the energy crisis of the 70s and 80s. Nationally averaged, this comes in at 10 to 18 percent increases for residential, commercial, and industrial consumers." White House assistant press secretary Taylor Rogers told Newsweek: "Since Day One, President Trump has taken decisive steps to unleash American energy and drive oil and gas production to reduce the cost of energy. The One Big Beautiful Bill will turbocharge oil production by streamlining operations for maximum efficiency and expanding domestic production capacity, which will deliver further relief to American families and businesses." Harry Godfrey, managing director and head of federal engagement at Advanced Energy United, previously told Newsweek: "As this bill has been debated over the past 6 months, we've seen pullbacks, particularly from domestic advanced energy manufacturing companies. "Those pullbacks speak to the upstream impact of this bill. Manufacturers, making multi-decadal, multi-billion dollar investments in new factories and assembly lines, are looking out beyond the horizon and seeing a shrinking U.S. market for technologies like solar inverters, wind turbines, batteries (particularly for EVs). So it's little surprise they're getting cold feet. They're the canaries in the coal mine." What Happens Next Beyond energy bills, the think tank estimates that the decreased incentives for investments in renewables will also result in a $980 billion hit to America's GDP over the budget reconciliation window, alongside around 760,000 job losses by 2030.
Yahoo
21-07-2025
- Business
- Yahoo
4 Blue States Where Energy Costs Could Go Up the Most Under Trump's ‘One Big Beautiful Bill'
The 'One Big Beautiful Bill' (OBBB), signed into law on July 4, contains policies that will increase oil and gas leasing and repeal clean energy tax credits. This will result in higher energy costs — costs that will be passed on to consumers. Wholesale electricity prices are expected to increase 25% by 2030 and 74% by 2035. Electricity rates paid by consumers are expected to increase between 9%-18% and household energy costs are anticipated to go up $170 annually by 2035. Find Out: Read Next: Many Republican-led states are expected to bear the brunt of higher energy costs primarily because, unlike some Democrat-led states, they generally don't have their own policies to develop renewable energy. But a few blue states should brace for impact. A new analysis by the Energy Innovation Policy & Technology, LLC found that four majority Democrat states will be among the 20 to see the biggest annual increases to household energy costs by 2035. 4. Colorado Annual energy cost increase per household by 2035: +$310 Learn More: 3. California Annual energy cost increase per household by 2035: +$320 2. Maryland Annual energy cost increase per household by 2035: +$350 1. Minnesota Annual energy cost increase per household by 2035: +$410 More From GOBankingRates 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on 4 Blue States Where Energy Costs Could Go Up the Most Under Trump's 'One Big Beautiful Bill'
Yahoo
20-07-2025
- Business
- Yahoo
16 Red States Where Energy Costs Could Go Up the Most Under Trump's ‘One Big Beautiful Bill'
President Donald Trump's 'One Big Beautiful Bill' (OBBB) was signed into law on July 4. The final legislation has significant repercussions for energy. It includes policies that will increase oil and gas leasing and repeal clean energy tax credits. Wholesale electricity prices are expected to increase 25% by 2030 and 74% by 2035. Electricity rates paid by consumers are expected to increase between 9% and 18% and household energy costs are anticipated to go up $170 annually by 2035. Find Out: Read Next: Red states could be hit harder by rising energy costs than blue states chiefly because Republican-led states generally don't have their own policies to develop renewable energy in the way that Democrat-led states do. A new analysis by the Energy Innovation Policy & Technology, LLC found the 16 red states that will see the biggest annual increases to household energy costs by 2035 as a result of the OBBB. 16. Wisconsin Annual energy cost increase per household by 2035: +$300 Learn More: 12. Utah Annual energy cost increase per household by 2035: +$320 12. Nevada Annual energy cost increase per household by 2035: +$320 12. Michigan Annual energy cost increase per household by 2035: +$320 12. Indiana Annual energy cost increase per household by 2035: +$340 11. Iowa Annual energy cost increase per household by 2035: +$350 10. Kansas Annual energy cost increase per household by 2035: +$380 8. Florida Annual energy cost increase per household by 2035: +$430 8. Arkansas Annual energy cost increase per household by 2035: +$430 7. Louisiana Annual energy cost increase per household by 2035: +$440 6. Texas Annual energy cost increase per household by 2035: +$480 5. North Carolina Annual energy cost increase per household by 2035: +$490 4. Oklahoma Annual energy cost increase per household by 2035: +$540 2. South Carolina Annual energy cost increase per household by 2035: +$630 2. Kentucky Annual energy cost increase per household by 2035: +$630 1. Missouri Annual energy cost increase per household by 2035: +$640 More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 The 10 Most Reliable SUVs of 2025 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives This article originally appeared on 16 Red States Where Energy Costs Could Go Up the Most Under Trump's 'One Big Beautiful Bill'
Daily Mail
16-07-2025
- Politics
- Daily Mail
Trump slams Republican who voted against his bill
President Donald Trump appeared to go after Pennsylvania Rep. Brian Fitzpatrick on Tuesday for his no vote on the 'big, beautiful bill' suggesting that he had done the congressman a 'big favor' that was a matter of 'death' or 'life.' Trump made the bizarre comment onstage at Carnegie Mellon University in Pittsburgh, where he addressed the first annual Pennsylvania Energy and Innovation Summit, organized by freshman Pennsylvania Republican Sen. Dave McCormick. Pennsylvania's Democratic Gov. Josh Shapiro was also on hand, but departed before Trump's mid-afternoon appearance. The president wanted to credit the Pennsylvania U.S. House members who had voted for BBB, with McCormick whispering to him 'they all stayed in Washington,' as the House is in session. 'They're in Washington working on our next bill!' the president exclaimed. 'Good, they shouldn't be here, now I don't have to mention their names,' he laughed. The only other no vote was Fitzpatrick, who Trump didn't name, but said he thought might come around and be a yes vote, despite being from a swing district where supporting the bill could endanger his chances of being reelected in 2026. 'And I said, "no he's going to vote," because I did him a very big, big favor, a very personal favor, as big as you can get - having to do with death and life,' Trump teased. Trump didn't give any details about the favor beyond that. Neither the White House nor Fitzpatrick's office responded to Daily Mail's requests for comment. '"Don't worry about it," I said,' the president continued. 'Sure as hell he voted against us,' Trump said. 'And I said, "another great move by Trump." So much for favors.' 'Welcome to the world of politics, right David?' he told McCormick who was seated to his side at a large roundtable discussion that ended Tuesday's summit focused on artificial intelligence and energy policy. During the president's appearance, he also credited himself with potentially saving McCormick from an assassin's bullet, as the then-GOP Senate nominee was in the audience at Trump's fateful Butler, Pennsylvania rally. 'I actually looked down to the right, before the - that thing - happened. And I said, "oh there's David McCormick he's running for the Senate. David come on up,"' Trump recalled. 'There were so many people, there was a little problem he had coming. I said, "just do it later."' 'And then about a minute later,' the president continued. The president was shot at by Thomas Matthew Crooks, but a bullet just grazed his ear. The anniversary of the assassination attempt happened on Sunday. An audience member, volunteer firefighter Corey Comperatore, was killed shielding members of his family. 'If you would have come up, I don't know what the hell would have happened right?' Trump said to McCormick. 'It worked out better this way, right?' 'I don't know if he'd be around,' Trump added. 'I want to take full credit for that.'
