U.S. utilities seek record $9.2 billion in rate hikes

Utility companies have filed requests with state regulators for a total of $9.2 billion in rate increases for the second quarter of 2026, the largest quarterly request on record. If approved in full, the hikes would average about $14 a month for more than 56 million American electricity customers.

The South accounted for the biggest share, with $4.5 billion sought for roughly 26 million customers. The Midwest followed with $2.7 billion for 14 million customers, the West about $1.5 billion and the Northeast roughly $500 million. Oncor in Texas filed the single largest request at $1.2 billion to fund a $45 billion transmission‑and‑distribution plan tied to growing demand from oil, gas and data‑center projects in the Permian Basin. Dominion Energy in Virginia asked for $1.5 billion, including $1.1 billion to recover previously under‑collected fuel costs. Michigan’s DTE Energy and Consumers Energy each sought about $500 million, while Duke Energy’s North Carolina filings total near $900 million.

Regulators ultimately set the rates that customers pay, and historically reject only a few of the 83 utility rate requests filed in 2025. Tremaine Phillips, a former Michigan utility commissioner, said utilities are facing “several cost pressures at once.” PowerLines estimates investor‑owned utilities will plan at least $1.4 trillion in capital expenditures by 2030, underscoring the scale of the industry’s investment needs.