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AUSTIN, TEXAS – AUGUST 18: An aerial view of a power plant next to a freeway overpass on August 18, 2023 in Austin, Texas. The Electric Reliability Council of Texas (ERCOT) has asked Texans to conserve power as a prolonged heat wave continues sweeping across the state. Today marks 42 consecutive days of triple digit weather across the state. (Photo by Brandon Bell/Getty Images) Getty Images When we see prices rise and fall at the gas pump, we generally have an idea of what is driving the changes. Generally, it’s movements in the underlying price of oil, or sometimes there are refinery issues that can impact gasoline prices even when oil prices are stable. And people generally blame the oil companies in any case. The electricity markets are far more opaque. Electricity bills have skyrocketed in many places this summer, but the reasons you hear depend on who you ask. Politicians blame climate mandates, utilities point to infrastructure upgrades, and analysts cite natural gas volatility. The truth is far messier and more complex than the gasoline supply chain. Prices are shaped by a chain of fuel suppliers, generators, grid operators, regulators, and investors—each adding its own costs, incentives, and risks. In a system built to be competitive and transparent, the big question is: who really controls U.S. electricity prices? The Multi-Layered Pricing Machine The truth is that electricity prices aren’t set by a single authority. They’re the outcome of a chain of events where costs move through several hands before reaching your monthly bill. Fuel Providers – The Invisible Hand Natural gas, coal, uranium, and renewables set the baseline cost for generation. When gas prices spike—because of weather, geopolitics, or export demand—power prices usually follow. Even in renewables-heavy regions, gas often sets the marginal price that clears the market. Power…

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Filed under: News - @ September 12, 2025 10:29 am