Election Shocks Underscore Power Bills as New Political Risk

Democrats campaigning on a promise to lower utility bills swept key elections in New Jersey, Virginia and Georgia this week, and all signs suggest skyrocketing electricity rates will be pivotal in US congressional midterms next year.

The New Jersey and Virginia governors-elect ran on affordability. Both states are part of the largest US electric grid — operated by PJM Interconnection LLC — which has seen power costs surge to record highs for two straight years. Much of that spike is due to demand from data centers, with Virginia being home to the nation’s biggest artificial intelligence build-out.

Meanwhile, in Georgia, ...