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Introducing the Electricity Price Hub, a partnership between Heatmap News and MIT in collaboration with CleanEcon designed to bring much-needed clarity to the conversation around energy affordability.

As the energy shock generated by the Iran War ripples through the global economy, gas prices are front of mind for many Americans. They are the most visible energy prices in our lives — posted on billboards along the highway and in towns and cities across the country, updated on a day-to-day, even hour-to-hour, basis.
Electricity prices, by contrast, are far less transparent. Even as prices rise across the country, it is difficult for households and businesses to see, let alone understand the price they are paying for electricity and what is behind it.
In nominal terms, electricity rates are up by an average of 33% over the past five years nationwide, adding $35 on average to household bills every month, or $420 per year. Prices in 32 states grew by more than 25% in that time, with six states experiencing increases of over 50%. As electricity prices increase, what was once a relatively stable line item in many Americans’ budgets is now more volatile, compounding broader cost of living pressures.
As the stakes rise for American consumers, the lack of transparency also makes effective policymaking more difficult: Regulators and politicians are making high-stakes decisions about reliability, affordability, and future investment with, at best, partial information.
That is why Heatmap and MIT are launching the Electricity Price Hub, a new public data platform built to address this information gap. The hub provides month-to-month estimates of residential electricity prices and bills for utilities across the United States, from 2020 to the present. For the largest utilities, these estimates are broken down into their core components. By making this data available down to the zip code level, the hub empowers users to understand what they are paying and see how that compares to neighboring communities and states.
That clarity is urgently needed. More than half of Americans say that power bills are causing at least “a decent amount” of stress on their budgets, according to a Heatmap Pro poll from last fall. Electricity prices have already emerged as a political issue in states like New Jersey, Virginia, and Georgia — and are likely to keep rising in voters’ minds.
Last year utilities asked state regulators to approve more than $28 billion in rate increases, according to the research and advocacy group PowerLines. Many of these rate increases won’t take effect for months or even years to come, meaning that some amount of price increase is baked in regardless of how the policy and technology environment changes.
But electricity prices are not the only problem. If the cost per kilowatt-hour of electricity is analogous to the number projected on the neon sign at the gas station, the total monthly cost of electricity use is what you see at the bottom of your receipt when you fill up. As anyone who has ever driven a gas car knows, the ultimate expense is a function of both the size of your tank and how fuel-efficient your car is.
Even where electricity prices appear moderate, electricity bills can be high. Alabama Power, for example, has prices that are just $0.05 above (or 1.3x) the national average. But its average residential bills are among the nation’s highest, at nearly $100 over the national average. (Heatmap’s Emily Pontecorvo has more on how trends in prices and bills can diverge.)
In many areas, it’s not just that bills are rising. Sharp swings in bills are especially difficult for households to manage. The median difference between the highest and lowest bills in 2025 was $92 (a 91% difference). Zooming in on a subset of utilities with the greatest bill volatility, peak-to-trough bill differences often exceed $200, with percentage swings of 200% to 280%. Two utilities in New Jersey, for example, saw average residential bills increase by more than $275 between spring and peak summer months.
Why have electricity prices remained so deeply opaque? In part, this is a function of the byzantine structures that govern our electricity system. We have three major grids, seven regional transmission authorities, 51 state-level regulators, more than 800 rural co-operatives, and roughly 3,000 utilities.
The result is a data environment that is fragmented and inconsistent, and lags well behind real-time price changes:
In the absence of reliable data, simplified narratives fill the void, allowing anyone to pick their chosen villain — be it renewables, data centers, transmission lines, or environmental policies — to blame for system failures. Policymakers risk adopting blunt measures that provide limited and temporary relief but that fail to address critical underlying issues, including the investments required to protect the grid’s long-term reliability and affordability.
Addressing these challenges starts with more timely and detailed data. That is what the Electricity Price Hub is all about. The platform delivers timely data for utilities serving the vast majority of residential customers in each state, with standard estimates that are comparable across states with different regulatory systems and across utilities with different rate structures.
It provides monthly, up-to-date estimates of both electricity prices and bills for a typical residential customer, offering a clearer view of the real cost burden households face and how that burden varies across places and over time. These estimates are more current than any existing public data sources.
We construct these estimates by combining detailed price and price component data for the largest utilities, sourced from state filings and utility rate books. We complement that with data for a wider set of utilities from the U.S. Energy Information Administration to generate standardized, current estimates of monthly average prices and bills.
We also disaggregate electricity prices into their core components: generation, the cost of producing electricity; transmission, the cost of moving power over long distances; distribution, the cost of getting electricity “the last mile” to homes and businesses; and other, a grab bag of regulatory and system-level charges. (You can find more on our methodology here.)
By standardizing and updating this information on a monthly basis, the platform is designed to inform consumers and businesses, and equip federal and state policymakers, regulators, and researchers with the information needed to design targeted, evidence-based responses.
You can now explore this tool for yourself, but here’s what we’ve already learned: There isn’t one cause of rising electricity costs. Prices are rising for different reasons in different places. There is no single national explanation for surging power prices.
Take our data on Maine. The state has long had some of the country’s most expensive electricity prices, and in recent years, distribution-related charges have been rising steadily. The utility Versant Power, for example, has seen distribution charges more than double over the last five years. The rising costs of maintaining and repairing aging distribution infrastructure, made worse by the increasing equipment and construction costs, are behind that trend.
In other parts of the country, extreme weather is driving higher distribution costs. While wildfire-related costs in California currently offer the most extreme example, storm costs are showing up in rising bills across the country. In Florida, for example, Tampa Electric customers have seen storm-related charges rise steadily, increasing from a credit in 2020 to more than $0.027 per kilowatt-hour in 2025.
Elsewhere, other factors are at play. In parts of the Mid-Atlantic, persistent bottlenecks in adding new capacity to the grid — as well as surging power demand, driven primarily by data centers — are causing generation costs to get bid up. In New Jersey, for example, the utility Atlantic City Electric Co’s generation-related charges have increased by more than 50% year on year.
You can already find other stories from the Electricity Price Hub from Heatmap reporters across the site. In some states, for instance, “other” charges are driving up power bills. We also look in detail at what’s going on with prices in PJM Interconnection, the country’s largest grid.
We hope this hub is only the beginning of a new era in open electricity data. If we want a modern electricity system that can deliver affordability, reliability, decarbonization, and economic growth, we will need a modern, up-to-date, and localized data infrastructure to match.
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On Thea Energy’s $100 million Series B, plus more of the week’s big money moves.
Nuclear is once again a dominant theme this week, with fusion startup Thea Energy landing a $100 million Series B that will help it expand its magnet manufacturing capabilities. While $100 million is nothing to scoff at, it somehow sounds modest alongside some of this year’s other deals, which include a $450 million Series A for Inertia Enterprises and $240 million for Shine Technologies. This week also brought the news that small modular reactor startup Newcleo plans to go public via SPAC later this year, bringing to mind the exuberance of the 2021 SPAC boom, in a deal expected to net a cool $429 million.
Elsewhere, gridtech company Utilidata raised fresh capital after (surprise!) pivoting to the data center market, while a standalone battery storage developer and operator is betting there’s still plenty of money to be made in the increasingly crowded ERCOT market.
Thea Energy officially joined the growing ranks of fusion companies to surpass $100 million in total funding this week, raising a $100 million Series B round led by the U.S. Innovative Technology Fund to scale its magnet manufacturing operations as it targets a demonstration reactor by 2030. Thea is a part of the Department of Energy’s Milestone-Based Fusion Development Program, which seeks to accelerate efforts for commercial fusion power. In January, the DOE certified Thea’s preconceptual pilot plant design, making it the first of the program’s eight awardees — who will split $46 million in federal funding — to see its reactor architecture validated.
Unlike many top-funded fusion startups, which are building donut-shaped tokamak reactors, Thea Energy is betting on a stellarator design. Traditional stellarators resemble a helical tokamak, which require manufacturing and installing dozens of huge, twisted magnets, but Thea’s approach deviates from the norm. Instead, it relies on hundreds of small, planar magnets arranged in the more familiar donut-shaped configuration, which the company’s artificial intelligence software controls individually. That enables Thea to create the same complex magnetic field within a far simpler and more manufacturable shell.
Thea plans to use the new capital to build a second facility in New Jersey to complement its existing lab and to double its headcount as it seeks a site for its demo reactor later this year. The startup is aiming to bring its subsequent commercial pilot online by 2034, on par with the timeline laid out by fusion industry leader Commonwealth Fusion Systems. According to Gaetano Crupi, USIT founder and billionaire investor Thomas Tull “believes the stellarator is the right architecture for commercial fusion, and Thea Energy is the company that makes it commercially viable.” As Crupi put it in a press release, that’s because “Thea Energy’s breakthroughs shift complexity from precision mechanical fabrication to software-defined controls.”
Newcleo is the latest small modular reactor startup seeking a quick pathway to the public markets via a SPAC merger, announcing plans to list on the Nasdaq in the second half of the year after merging with a blank-check firm. The deal values the European fuel and reactor developer at $2.4 million, and is expected to deliver about $429 million in fresh capital. It comes just months after Newcleo raised $88 million in a growth financing round as the company expands into the U.S. market while continuing to fund projects across Europe.
Newcleo stands out in the crowded SMR field through its fuel and cooling strategy. It plans to run its 200-megawatt reactors on recycled fuel made from nuclear waste products like recovered plutonium and depleted uranium, and cool its reactors with liquid lead rather than water. Because liquid lead has such a high boiling point, lead-cooled reactors can operate at atmospheric pressure, reducing the need for the complex, high-pressure systems used in conventional nuclear plants and potentially improving safety along the way.
The company has already raised over $760 million to date, and CEO Stefano Buono told the Wall Street Journal that the pending SPAC could carry it through 2028 or 2029. Even that won’t be enough, however, for Newcleo to reach its target of opening a fuel factory by 2031 and bringing a commercial reactor online the following year. Not to mention that SPACs — a once rare go-to-market strategy — have a checkered history in the SMR industry. After NuScale went public via SPAC in 2022, its flagship project collapsed, taking its stock down with it and underscoring the risks that pre-revenue companies face when their early failures unfold in the public markets. On the other hand, shares of Sam Altman-backed startup Oklo’s have surged since it went public via SPAC in 2024, reaching a market cap over $11 billion, though it also has yet to build a reactor.
Newcleo’s capital push may also be tied to its strategic partnership with Oklo, as it has preliminary plans to invest up to $2 billion to develop advanced nuclear fuel facilities in the U.S. in partnership with the SMR pioneer. Earlier this week, the DOE selected Oklo — and by extension, Newcleo — to enter “advanced negotiations” to receive surplus weapons-grade plutonium for use in reactor fuel.
What’s that I hear? Another climate tech company has pivoted to the data center market? While Utilidata — an artificial intelligence-powered gridtech company — initially set out to give utilities granular insight into household-level electricity usage and grid data, it’s now raised a $40 million extension round to accelerate its shift into the data center market. As I wrote following last year’s initial $60 million tranche of Series C funding, Utilidata initially set out to get its hardware module inside residential smart meters — which it managed to do at pilot scale — to enable faster fault detection and eventually even automate load management at the household level.
Now, Utilidata is taking this same principle and applying it to the booming data center market, where so many climate tech companies are finding their first customers. The company developed its AI platform in collaboration with Nvidia, installing its modules on server racks to help data centers optimize power allocation across its facility. The company says it measures power consumption a million times per second, such that if usage on one rack is low, it can reroute electricity to parts of the data center that need it. Much like electric grids, data centers also overbuild their capacity to ensure they can handle sudden spikes in demand or hardware failures. Utilidata wants to tap into that headroom by managing power flow in real time.
Utilidata’s first commercial data center deployment is set to go live next month in Montreal in partnership with European AI cloud provider NexGen Cloud, with the startup targeting a 50% increase in the data center’s usable processing power. It also plans to use this latest funding to increase headcount by 25% this year as it builds out operations at its new Ann Arbor headquarters, which opened in February.
In some later-stage funding news, battery energy storage developer, owner, and operator Goshe Energy Storage just secured up to $40 million in strategic financing from S2G investments. As I wrote last week, S2G recently raised a $1 billion fund aimed at helping growth-stage companies commercialize, though this latest commitment actually comes from a different arm of the firm — its Special Opportunities team. This division focuses on non-dilutive financing, in this case providing Goshe with a HoldCo loan backed by the company’s portfolio of energy storage projects. Rather than lending to a specific project, a HoldCo loan gives Goshe flexible capital that can be used to fund its broader growth.
Founded in 2022, Goshe specializes in acquiring late-stage battery storage projects and getting them over the finish line by securing capital and managing the construction process into commercial operations. Thus far, all of its announced projects are in Texas’ ERCOT electricity market. Alongside this financing announcement, Goshe said that its first project — a 100-megawatt battery storage plant in Bexar County, Texas — is now fully operational after securing $288 million in project financing. The company also expects to bring its second project, a 180-megawatt storage facility, online in the following few months, with two additional ERCOT projects slated to begin construction later this year.
This funding is the latest sign that infrastructure investors have grown comfortable backing battery energy storage projects, with a record 24.3 gigawatts of new battery storage capacity projected to come online in the U.S. this year alone. The wholesale ERCOT market, however, is no longer the guaranteed moneymaker that it was just a few years ago. Between January 2024 and January 2026, ERCOT more than tripled its battery storage capacity, driving battery revenues down as the market has become increasingly crowded. In this landscape, there may be a growing number of stranded projects for Goshe to acquire, though it’ll also have to be increasingly selective.
The American climate movement is beginning to look a lot like AI doomers versus the techno-optimists. It’s a dynamic that is winning local bans – and very little else for now.
On one side, you’ve got the left-leaning insurgent grassroots movement against data centers. In many cases this push is in the name of climate action and environmental justice, with activists citing the risks of pollution from gas-fired power and the potential for strain on existing electricity supplies. But in many, many other cases, this movement is decidedly not about climate action; instead it’s a movement addressing everything from energy prices and power over large corporations to AI use generally.
Or, perhaps the anti-data center movement’s big tent is best summarized in this quote from comedian and activist Ilana Glazer: “The thing that is genuinely waiting for us on the other side of AI and data centers is the collective.”
On the other end of the spectrum, you have a raft of data center-curious centrists, liberals, and, for lack of a better term, capitalists. This diametrically oppositional political force wants to ensure data centers continue being built as states and the federal government figure out how to make policy surrounding them. Yes, they want regulations, but they’ll have to qualify even supporting the idea of a single full state – any state – pausing data centers.
“I tend to find myself in the middle of all of this AI and data center policy, because I don’t think a heavy-handed approach in either direction is smart or productive,” said Tre Easton, vice president of public affairs for the Searchlight Institute, a policy think tank geared toward pushing Democrats into positions more broadly popular in the general electorate. “If you’re doing moratoria in one state and Meta says, okay, fine, they’ll go to a different state where they’ll run roughshod.” He added: “This buildout is happening. Let’s just make the rules. Put out rules of what this should look like.”
I spent weeks talking to activists fighting data centers to better understand their end goals. Right now what folks want to talk about most is moratoria, until industry-specific regulation is in place governing all things energy, water, noise, and labor.
“Our motto is ban, legislate, regulate,” said Ben Dziobek, founder of Climate Revolution Action Network, which is fighting data center expansion in New Jersey. Dziobek’s organization is one of roughly five dozen in the Garden State that have called on newly-elected Democratic Gov. Mikie Sherill to institute a moratorium on data centers, including state representatives from The Nature Conservancy and ACLU.
When I asked Dziobek what he’d like to see after a moratorium, the answer was clear: he wants to see Big Tech pay for the energy transition. “It would be beneficial if we could get companies who are using more load than entire states to build out the clean energy future. Someone’s gotta pay for this. The largest companies in the world have to come in.”
Undoubtedly this movement is increasingly influential and rooted in a now bipartisan concern about data centers founded in valid concerns about data center impacts and the rise of AI. But at least right now, In New Jersey, and so many other Democrat-controlled states, this movement has won little ground outside the local level and no statewide Democratic leader (e.g. governor) has made a data center moratorium their raison d'être. Neither have I seen the push for a moratorium pick up steam in any state known as a deep blue bastion for climate policy. Its greatest achievements by the numbers are the cancellation rate of projects that have faced local pushback (37%, according to Heatmap Pro), the city-wide moratoria in large left-leaning bastions like Denver, and the sheer existence of a federal data center moratorium bill led by progressive celebrities like Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez.
In fact, what I am seeing is Democratic statewide leaders rejecting efforts to curtail their development or regulate energy and water usage. In California last year, Gov. Gavin Newsom vetoed a bill requiring data center developers to report their water use. In New York, Gov. Kathy Hochul has so far shrugged off a push for her to back a three-year moratorium on new data centers. In Massachusetts, Gov. Maura Healey supports continuing to foster the state’s data center buildout and the state is preserving its data center sales tax exemption at a time when GOP leaders in other states want to repeal similar subsidies. Colorado legislators abandoned a push to regulate data centers earlier this month, after Washington state did the same.
Perhaps infamously in Maine, the Democrat-led state legislature nearly enacted a two-year moratorium on data center development only to be vetoed by Gov. Janet Mills. Democrats then failed to override the veto.
Some Democratic leaders are taking up the light-touch approach. On Wednesday, Pennsylvania Gov. Josh Shapiro released long-awaited principles for data center developers seeking fast-track permitting processes with state agencies. Under these policies, companies can get permitted more quickly if they abide by a number of energy, water, and labor standards.
On a granular level, even this policy quietly represented a disappointment for climate activists. One of the principles called for data centers to get at least one third of their power from “clean” sources by 2035 – which sounds nice until you realize Shapiro only two years ago was calling for utilities to get at least half of their electricity from carbon-free sources by then. Food & Water Watch, a national group calling for country-wide data center moratoria, blasted a press release going after Shapiro to the media after the principles were released: “[This] is a naive effort to placate widespread data center opposition. It won’t work.”
For climate activists, the best case scenario right now may be blue states taking up bills to regulate the sector as opposed to a blanket moratorium, where the push for a pause functions as leverage. Often these bills are focused on energy costs for consumers, not environmental protection, like in Oregon where last year legislators enacted a measure requiring data center companies to pay for their share of electricity demand. In Vermont this week, the state legislature passed a similar bipartisan data center bill focused on energy affordability, with some restrictions on fossil fuel generation. (Republican Gov. Phil Scott is expected to sign it.)
Indeed, the climate movement’s smartest play could be to push legislation requiring facilities not only pay for their power but ensure it is zero-carbon emissions. So far, Democrat-led bills that would accomplish this goal gained steam this year in other states but struggled to become law before the end of the legislative session too (Washington, for example).
In Illinois, the bill is known as the POWER Act, but despite lots of Democratic support behind it, it’s languishing in committee limbo ahead of the end of legislative session this week. One can imagine Illinois Gov. J.B. Pritzker getting a bill like the POWER Act into law and then running for president as The Guy Who Made Data Centers Cleaner. Heaven knows that’s why folks like Hannah Flath, climate communications manager for the Illinois Environmental Council, are so bullish on the bill. “I think it’ll eventually become law. Just not this session.”
I asked Flath why her organization was so focused on this bill as opposed to a data center moratorium. “We just don’t think it is politically feasible. Especially given how attractive these things are to our governor and some state lawmakers,” she said. “Currently, I view climate work as harm reduction work. This is perhaps a cynical view to have but that’s unfortunately where we’re at. How can we ensure changes happening in the world bring more benefits than they do harms?”
But Flath said that as a push for moratoria grows, it provides pressure on state policymakers to act: “What we’re offering state legislators now is a middle ground solution.”
I suppose for now, we’ll have to see if this side can come together on any solution – let alone a middle ground.
And more of the week’s top news around development fights.
1. Jefferson County, Alabama – A law firm is alleging that police in the city of Birmingham retaliated against a woman for suing developers of a data center. It might just be a wake-up call for data center developers.
2. Mason County, Kentucky – This county is the site of yet another eminent domain debacle and I suggest you pay attention to it because it’s now represented by an outgoing congressman with nothing left to lose: Thomas Massie.
3. Montgomery County, Missouri – A Google data center project celebrated by the White House is facing harsh local backlash.
4. Iron County, Utah – Yet another county is banning data centers and solar energy.
5. Oconto County, Wisconsin – At least one developer is definitely thanking their lucky stars for state primacy over renewable permitting in the Badger State.