AI Data Centers and Crypto Mining May Drive U.S. Electricity Prices Up 57% in Virginia by 2030

According to Fortune research on May 19, AI data center expansion and cryptocurrency mining are driving rapid growth in U.S. electricity demand, with residential power prices expected to rise significantly in coming years. The study projects that by 2030, average wholesale electricity prices in the U.S. may increase 6% to 29%, with higher increases in data center-concentrated regions. Virginia, a core data center hub, could see power generation costs rise as much as 57%.

Data centers currently account for 4.4% of total U.S. electricity consumption and may reach 17% by 2030. To meet rising demand, American utilities may restart some coal facilities and rely more on natural gas generation, potentially increasing the power sector's carbon emissions by up to 28% by 2030.