Berkeley National Lab did a great study on this recently [0]. Short answer what's raised prices over the last 5 years, slide 22 in the linked doc: supply chain disruption increasing hardware prices, wildfires, and renewable policies (ahem, net metering) that over-reimburse asset owners.
I'd love to be able to point at something that implicates data centers, but first I'd need to see the data. So far, no evidence. Hint: it would show up in bulk system prices not consumer rates, which are dominated by wires costs.
I'd love to be able to point at something that implicates data centers, but first I'd need to see the data. So far, no evidence. Hint: it would show up in bulk system prices not consumer rates, which are dominated by wires costs.
[0] https://eta-publications.lbl.gov/sites/default/files/2025-10...