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Will energy prices increase in 2023?

Written by Allie Ogletree

Edited by Hannah Whatley

Last updated 03/17/2023

10’000 Hours/DigitalVision/Getty images

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Key Points

  • Utility bills increased by about 16% in the U.S. from August 2021 to August 2022.
  • The average electricity bill for households in the U.S. rose from $0.147 kWh in January 2022 to $0.168 per kWh in January 2023.
  • Energy prices aren’t likely to decrease, but the rapid increase from 2021 to 2022 may slow in 2023.
  • Factors outside the price of commodities and crude oil influence energy prices.
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