All articles tagged with #rate hikes
Philadelphia residents faced significant increases in utility bills in 2025 due to rising electricity, gas, and water rates driven by infrastructure investments, inflation, and increased demand, with further hikes expected in 2026, impacting affordability and budgeting for many households.
North Carolina has approved premium increases for ACA marketplace plans ranging from 12.66% to 36.40% for 2026, amid ongoing debates over federal subsidies and rising healthcare costs, which could lead to significant sticker shock and coverage drop-offs for many residents.
Households across the U.S. are facing rising electricity bills due to significant utility rate increases, with over $34 billion in rate hike requests in 2025, leading to economic hardship and becoming a key political issue ahead of upcoming elections.
Assemblyman Angelo Santabarbara has introduced the Utility Rate Hike Legislative Review Act to give the New York Legislature the power to review and potentially overturn recent rate increases approved for National Grid, citing concerns over rising utility costs for upstate residents and seeking greater oversight of PSC decisions.
Verizon is ending loyalty discounts for customers starting September 1, encouraging them to switch to its new customizable myPlan plans, amid rate hikes and a focus on high-quality customers, which has led to customer dissatisfaction and potential loss of postpaid clients.
Electricity bills in New Jersey are set to increase by over 20% starting June 1 due to higher costs from the recent auction and stressed power grid, prompting state actions to mitigate the impact on residents.
Auto insurance rates are soaring in Nevada, with an average annual cost of nearly $3,000, and hundreds of thousands of drivers are facing an almost 20% increase in their rates. Customers, like Robert Diaz, are frustrated by the lack of notice and substantial rate hikes, with some attributing the surge to the rising cost of new and used vehicles and the complexity of vehicle repairs. The Nevada Division of Insurance, which must approve all rate increases, is seeing unprecedented price hikes, with large carriers submitting increases annually due to the losses they are experiencing.
PG&E's reported profit of $2.24 billion for 2023 has sparked frustration among customers who have experienced significant rate hikes, with some considering leaving California due to the financial strain. Critics are calling for the California Public Utilities Commission to intervene and cap annual rate increases, emphasizing the disparity between record profits for shareholders and high bills for ratepaying customers as "outrageous and unacceptable."
Pacific Gas and Electric Company (PG&E) reported a nearly 25% increase in profits to $2.2 billion for 2023, following substantial rate hikes at the beginning of the year. This announcement has sparked outrage among customers who already paid some of the highest energy bills in the country. The Utility Reform Network (TURN) expressed dissatisfaction, calling for concrete action to prevent further bill increases, while PG&E stated that their investments aim to maintain a safe and reliable energy system for customers.
Duke Energy customers, including one in McDowell County, N.C., were shocked by skyrocketing January bills, with one resident paying over $1,000 for her home and apartment. Duke Energy attributed the increase to higher winter usage and rate hikes, urging customers to conserve energy and offering tips to manage costs. Customers expressed frustration and concern over the impact on their finances, with some facing difficult choices between paying their power bills and other expenses.
Two home insurance companies, Castle Key Insurance and Amica Mutual Insurance, have requested rate hikes of over 50% with the Florida Office of Insurance Regulation for specialized policies such as condos and second vacation homes. The requests come amidst higher costs for home repairs and severe weather losses, with state leaders attributing the trend to a calmer insurance market following reforms in December 2022. Mark Friedlander of the Insurance Information Institute believes that these substantial rate increases are not indicative of a broader trend among insurance companies.
The Federal Reserve's December meeting minutes indicate that officials believe they have finished raising interest rates but did not provide a clear timeline for when rate cuts might begin. Although there is an expectation that rates could be lowered before the end of the year, the minutes reflect uncertainty about the future course of monetary policy following the sharpest rate increases in forty years. Investors are looking towards the central bank's second policy meeting of the year in March for potential rate reductions.
Georgia Power customers will see their energy bills increase again as the utility company brings two new nuclear reactors online. State regulators have approved a plan allowing Georgia Power to pass the $10 billion cost overrun for the reactors at Plant Vogtle onto consumers. This comes on top of rate hikes implemented earlier this year, with customers now shouldering $8 billion of the total cost. Starting next spring, the average customer's energy bill will increase by 5%, reaching approximately $8.95 per month. Critics argue that these continuous price hikes are unreasonable and will burden many Georgians already struggling with rising costs.
The top global risks for 2024 include the possibility of lingering inflation, rate hikes offsetting rate cuts, a rebound in China's economy, a potential productivity boost from artificial intelligence, and election surprises. Inflation may not be as controlled as expected, and potential causes include tight labor markets, volatile energy prices, and supply chain problems. Rate hikes in Japan could offset rate cuts by other major central banks. China's growth outlook has been revised lower, but there is potential for it to defy expectations. Artificial intelligence could boost productivity, and election outcomes may encourage nationalist policies that hinder trade. It is important to be prepared for these risks and have a well-balanced, diversified portfolio.
California's Insurance Commissioner, Ricardo Lara, is facing the challenge of luring insurers back to the state after major companies like Allstate, Star Farm, and Farmers Insurance limited or stopped coverage due to the growing risk of wildfires. Lara's plan involves requiring insurers to write policies in fire-prone areas in exchange for faster decisions on rate requests. However, insurers may demand rate increases of up to 40% to accommodate the higher risk. The situation reflects a business model unprepared for environmental disasters, leaving homeowners in a difficult position.