Energy bills in Virginia could increase $1,100 annually by 2040, new report says

Virginians could pay upwards of $1,100 more on energy bills each year by 2040, according to a new report from the Center for Energy & Environmental Analysis.

Researchers from the center, a nonpartisan think tank based in Virginia, used public energy forecasts and data to calculate the costs. According to the report, electric and gas bills for a typical Virginia household could go up by $1,115 annually above inflation within the next 15 years.

Researchers said the spike can be attributed to a number of factors. Of the $1,115 increase for consumers, lead author Jeremy Symons said $295 comes from a decrease in renewable energy incentives, $440 comes from the increase in energy demand by data centers, and $380 comes from the cost increase for natural gas. The report links the natural gas cost increase to an increase in the amount of U.S.-produced gas shipped overseas as liquified natural gas.

Virginia is at an “energy crossroads,” Symons said. He said Virginia leaders can choose to invest in renewable energy such as solar and wind to bring costs down, or they can continue to depend on gas.

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