Investor-owned utilities filed a record $4.5 billion in electric and gas rate increase requests with state regulators in the third quarter, according to a report from the advocacy group PowerLines. That brings total requests so far in 2026 to $23.1 billion. The group said the filings reflect an ongoing rise in utility costs and raised questions about how elected officials will respond.
Energy affordability has become a central issue ahead of next month's midterm elections. Residential electricity prices rose about 7.3% from April 2025 to April 2026, and winter heating costs are projected to climb across fuels, with heating oil up 31.3% and electricity up 9%. Utilities are investing heavily to meet growing demand: the Edison Electric Institute projected $1.1 trillion in capital spending from 2025 to 2029, while a PowerLines analysis put the figure at $1.4 trillion through 2030.
The largest rate request came from FirstEnergy's Jersey Central Power & Light, which proposed a $253 million base distribution rate increase plus recovery of $476 million in previously deferred storm costs. The utility said the average residential bill would rise about 8.8%, but not until 2028. Other large filings came from Oklahoma Gas & Electric, Indiana-Michigan Power, Dominion Energy Virginia and CenterPoint Energy, with utilities in the South seeking $2.2 billion in the quarter alone.