In our January Short-Term Energy Outlook (STEO), we expect that U.S. wholesale power prices will average slightly higher in 2025 in most U.S. regions than last year, except in Texas and in the Northwest. We forecast that the 11 wholesale prices we track in STEO will average $40 per megawatthour (MWh) in 2025 (weighted by demand), up 7% from 2024. We expect the 2025 average U.S. residential electricity price will be 2% higher than the 2024 average, though after accounting for inflation, our forecast for U.S. residential prices remains relatively unchanged from 2024.
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