[maliker]

Berkeley National Lab did a great study on this recently [0]. Short answer what's raised prices over the last 5 years, slide 22 in the linked doc: supply chain disruption increasing hardware prices, wildfires, and renewable policies (ahem, net metering) that over-reimburse asset owners.

I'd love to be able to point at something that implicates data centers, but first I'd need to see the data. So far, no evidence. Hint: it would show up in bulk system prices not consumer rates, which are dominated by wires costs.

[0] https://eta-publications.lbl.gov/sites/default/files/2025-10...