Electricity prices are climbing more than twice as fast as inflation

Electricity prices are climbing more than twice as fast as inflation

toggle caption Ken Thomas

Ken Thomas woke up this past Wednesday to find the power had gone out at his house in Boca Raton. A text message from his utility said a piece of equipment had failed at 2 a.m. By the time a repair crew showed up eight hours later, the hot, sticky Florida summer was already taking a toll.

"You just don't realize how important your power is until you don't have it," says Thomas, a retired air traffic controller. "In Florida's heat, you just can't live without air conditioning. And this time of year particularly."

Thomas has invested in energy-saving windows and insulation to keep his house comfortable. But in the heat of the summer, his power bills still top $400 a month.

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"It's painful to see that bill when it comes in," he says.

Across the country, electricity prices have jumped more than twice as fast as the overall cost of living in the last year. That's especially painful during the dog days of summer, when air conditioners are working overtime.

In Pembroke Pines, Fla., Al Salvi's power bill can reach $500 a month.

"There's a lot of seniors down here that are living check to check. They can barely afford prescriptions such as myself," says Salvi, who's 63 and uses a wheelchair. "Now we got to decide whether we're going to pay the electric bill or are we going to buy medication. And it's not fair to us. You're squeezing us between a rock and a hard place."

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