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Acknowledgments
The authors would like to thank Shannon Baker-Branstetter, Lucero Marquez, and Mariel Lutz of CAP and Alice Lin, Derek Murrow, and Sam Krasnow of the NRDC for their contributions to this analysis.
* Authors’ note: This estimate is accurate as of November 26, 2025.
Methodology
The electric and natural gas utilities listed in the tracker, and the associated increases in rates, were identified through online filings by utilities and records of decisions in state public utilities commission (PUC) dockets. The list includes rate increases that went into effect or were proposed to go into effect from January 2025 onward. The list is not comprehensive and will be periodically updated with additional rate increases from across the country in subsequent iterations of this tracker.
Each state’s PUC has different requirements for reporting data related to rate increases, bill impacts, distributional impacts, and monthly increases. The number of customers—including residential, commercial, and industrial—affected by rate increases, column E, primarily used Energy Information Administration (EIA) and S&P Global data for electricity and natural gas, respectively. Authors used 2024 EIA 861 data, as well as aggregated customer data, from three files: 1) Sales_Ult_Cust_2024: Aggregated total number of customers across customer classes by “Utility Number” and “State” for “Bundled” and “Delivery” service types, and for Parts A, B, C, and D; removed state level “Adjustments”; removed “Ownership” types of “Behind the Meter,” “Community Choice Aggregation,” and “Retail Power Marketer”; 2) Short_Form_2024: Aggregated total number of customers by “Utility Number” and “State”; and 3) Delivery_Companies_2024: Aggregated total number of customers by “Utility Number” and “State.” For S&P data, authors aggregated total customers by “Company Name” and “State.”
EIA and S&P data did not report the number of customers for some utilities, in which case the data were collected directly from utilities’ websites, investor presentations, or press releases. In some instances, rate increases affected only a portion of the customer base in a utility’s service territory and were reported by the utility through press releases or in the docket filings. The authors aggregated the total number of natural gas customers across sectors using EIA data to calculate the percentage of natural gas utility customers affected by the rate increases.
The time periods for revenue increases, column F, were collected using utilities’ press releases, webpages, and docket filings from PUCs. The time periods for increases fell into three categories: 1) increase in annual revenues, in which utilities did not specify a time period for the rate increase and instead requested or were approved to increase their annual revenue requirements until the next time they file and are approved for additional revenues; 2) specific time periods, in which single-year, part-year, and multiyear periods were explicitly mentioned in filing documents, press releases, or utility webpages; or 3) calendar years, such as 2025 or 2026. Some utilities did not specify whether the rate increase was annual or for a specific time period. The authors used the best available information from the utility to assign a time period when relevant.
The effective date and status for rate increases, columns J and K, respectively, were also collected using utility press releases, utility and PUC webpages, and docket filings. In most cases, authors were able to identify a specific date, month, or year from which a rate increase would be effective. In some instances, the request for a rate increase was ongoing and did not specify an effective date, with PUCs often suspending effective dates for 6 to 12 months. The authors made a conservative estimate based on available information, including expected decision dates or expected effective dates, such as “early 2026” or “second half of 2026,” to adopt an effective date.
The total revenue increase in column G was calculated based on revenue increases reported by utility websites or press releases, in news articles that included a direct quote from a utility spokesperson, or from docket filings. The total revenue numbers include additional revenues to be recovered from all customer classes, including residential, commercial, and industrial. Not all utilities reported an increase in revenue as a result of increased utility prices, and not all utilities reported monthly average bill impacts even when there was an increase in revenue and/or rate of return.
Since the time periods for revenue increases were not aligned across utilities, the authors calculated an estimated total additional revenue generated starting in January 2025 through the end of 2028, assuming that rates remained steady after the covered period. This methodology likely results in an underestimate of revenues for the time period because utilities often file for additional rate recovery to begin in the next cycle after the covered period, thus increasing utilities’ revenues beyond what authors estimated. Revenue estimates were calculated using the additional revenues reported by the utilities, the time period for increase (column F), and effective date for increase (column J). The time period for implementation of most revenue increases is before December 31, 2028, and the authors assumed that revenue increases during the effective time period for an increase continued until the end of 2028. Revenue increases prior to 2025 were not included in the totals. In cases where the implementation period stopped before December 31, 2028, revenues were prorated for the remainder of the four-year time period in order to standardize the data. Further, some utilities either requested or collected interim revenues before final approval from PUCs, which were included in the calculation below for the relevant amount of time. Authors assumed the revenue increase was evenly split across all days of the year and calculated prorated revenues using the remaining number of days until December 31, 2028. For example, Ameren Missouri was approved for additional annual revenues of $355 million starting in June 2025. To estimate its total revenue through the end of 2028, the authors assumed an annual increase of $355 million for each year from June 2025 through June 2028 and then calculated partial revenues for the remaining 214 days (four months) in 2028 at the rate of $355 million per year.
The monthly percentage increase (column I) and the dollar amount increase (column H) to the average residential bill were collected through utility webpages, press releases, news articles that included a direct quote from a utility spokesperson, or docket filings. In the case of multiyear increases, when utilities reported multiple increases to residential bills through the time period, the authors reported the total increase in monthly bills, when available. When percentage increases were not reported but the appropriate data were available, authors calculated a percentage increase across the relevant time periods. In instances where utilities had implemented an interim rate increase resulting in an interim increase in monthly bills, authors reported the interim increase and included footnotes with the final expected increase pending PUC approval. In instances where utilities reported multiple values for a monthly and percentage increase, either based on geography or type of customer, the authors reported the lowest reported estimate and included footnotes indicating other relevant increases.
The authors prioritized using primary sources for the revenue increases, monthly increases, time periods, and effective dates. In some instances, these values were not publicly reported by the utility or the PUC so are labeled as “N/A.” The authors note that this does not necessarily mean that there is no associated increase in revenues or customer bills; instead, it represents a lack of public data from the utility or PUC.
To calculate the total number of utilities increasing rates, the authors counted each individual subsidiary that filed for an increase with the respective state regulators as a unique utility. For example, CenterPoint Energy Resources Corp. filed for rate increases in both Minnesota and Texas. However, the company filed the requests doing business as two separate subsidiaries—CenterPoint Energy Minnesota Gas and CenterPoint Energy Entex—and were counted as two unique utilities.