Here’s something surprising: in states like North Dakota and Texas, the surge of new industrial and data center load has actually moderated electricity prices.

The very thing many people blame for higher power bills has, in some cases, had the opposite effect. According to a new report from Lawrence Berkeley National Lab, load growth has slightly lowered retail electricity prices on average over the past five years.

So what’s really driving them up? The answer isn’t renewables or AI. The study finds that generation costs are down 35% since 2005, but transmission costs have tripled and distribution costs have more than doubled. Billions are now being spent to upgrade the grid and harden it against extreme weather.

This week, we’re joined by guest co-host Caroline Golin to unpack the new data. We’ll discuss what’s driving those infrastructure costs, why utility spending remains so opaque, and what could happen over the next five years as large loads multiply.

Later in the show, we’ll talk about a new proposal from Energy Secretary Chris Wright to accelerate the interconnection of large loads with onsite generation or flexibility capabilities. The proposal could speed up data center projects, but also risks triggering a new clash between federal and state regulators over reliability, costs, and control.

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