Southern Company (SO) and Vistra (VST) both profited from AI power demand, yet VST shares are down 30% over the past year. U.S. electricity prices climbed 4% over the past year, outpacing headline inflation and directly contradicting Musk's claim that AI data centers lower consumer bills. The $180 annual savings Musk cited applies to one Georgia utility's contract; new AI-driven generation will land in rate bases all ratepayers fund.
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ET on Monday, Elon Musk told his audience that "AI data centers resulting in lower electricity prices for consumers" and pointed to a post claiming Georgia Power's new large-load contracts, overwhelmingly data centers, will save customers nearly a billion dollars, erasing about $180 per year from their bills. The post reached more than 503,000 impressions. Twelve days earlier, West Virginia Governor Patrick Morrisey made the same argument on CNBC, saying net electricity prices will be lower when data centers come in.
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The Consumer Price Index for electricity in the U.S. city average was 305.444 in August 2026, up from 293.388 in September 2025, a rise of about 4.1%. Over the same stretch, headline CPI rose 3.4%. Electricity is outpacing headline inflation.
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