From Power Outages to Power Bills: The Challenges of Limited Energy Supply and Rising Costs

For years, Americans have enjoyed access to reliable and inexpensive energy. Reducing consumption is the goal of environmentally conscious individuals, but not all consumers have made it a priority or know what to do to save energy. Natural disasters impact the electrical grids resulting in power outages, infrastructure damage, increased demand for energy, fuel supply disruptions, and environmental damage. Consumers struggle with power outages caused by these disasters.

Meanwhile, energy prices globally continue to rise due to a difficult macroeconomic climate that includes supply chain issues, inflation, and war in Eastern Europe.

Parks Associates’ latest research shows 70% of US internet households report spending $100 or more per month on their electricity and 62% think the electricity costs are too high, an increase of eight points since the end of 2021. Bills are particularly high for larger families, raising concerns even further regarding energy costs and availability. As economic uncertainty persists, consumers will continue to be cost-sensitive.

In addition to cost, supply is a concern. Energy is limited, and a growing population that is increasingly reliant on energy threatens the ability of an aging grid to keep up. One notable trend is the rise of plug-in electric vehicles. While only 5% of internet households own an EV today, 20% say they intend to buy one in the next year. Major changes are occurring in the energy space as supply and distribution race to keep up with growing demand and consumers grapple with higher costs.

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Join us for Smart Energy Summit 2023! Smart Energy Summit: Engaging the Consumer addresses the evolution of the consumer utility market, the impact of COVID-19 on energy management programs, and new opportunities to drive engagement in utility-sponsored programs. Virtual panels and networking sessions, featuring executive-level experts from multiple industries, address strategies for utilities, service providers, retailers, software providers, and manufacturers to expand and monetize energy management and other energy-focused offerings through consumer engagement, new business models, unique partnerships, and innovative technologies. Register now: www.ses2023.com