In an economy where prices continue to rise steadily year after year, electricity stands out as a rare example of cost stability. While the prices of many everyday items have surged over the past two decades, the cost of electricity has remained relatively flat, providing consumers with predictable energy bills amidst broader economic uncertainty.
Consider the following examples: Since the early 2000s, the average price of a loaf of bread has increased by nearly 60%. A gallon of milk has gone up by over 50%, and the cost of a dozen eggs has more than doubled. Gasoline, always a volatile commodity, has seen fluctuations ranging from around $2 to over $5 per gallon in the same timeframe. Even basic household goods have experienced noticeable price hikes due to inflation.
Electricity, however, has shown remarkable restraint. According to U.S. Energy Information Administration data, residential electric rates have increased by only about 1.5 to 2% annually on average over the past 20 years - far lower than the inflation rate of many consumer goods.
In a world where consumers are increasingly squeezed by unpredictable expenses, the steady cost of electricity offers a measure of financial certainty. It’s an essential service that remainsreliably priced-- even when everything else seems to be going up.
Western Farmers Electric Cooperative (WFEC) is a not-for-profit, wholesale power supplier for 21 distribution cooperatives and Altus Air Force Base. These members, located across Oklahoma and into parts of New Mexico, have had this same cost stability for past years.
For additional information, please visit www.wfec.com.