State Representative T.J. Berry, a Republican from Kearney has pre-filed legislation that would cap average electric rate increases in the range of 3 percent annually. The rate cap idea has been proposed by consumers groups as a way of bending the cost curve downward for electricity.
According to federal data, Missouri electric rates have risen faster than all but four other states over the past decade. The Missouri Retailers Association, Missouri Grocers Association and the Missouri Chamber of Commerce and Industry have all indicated that the status quo on energy policy is hurting customers and the Missouri economy.
According to federal data, Missouri’s electricity rates have gone up approximately four times faster than the national average over the past decade. A rate cap in the range of 3 percent represents roughly half of what Missouri consumers have paid in increases annually over the past ten years. Copies of letters from the Missouri Retailers Association and Missouri Grocers Association, urging lawmakers to use rate caps as a way of providing more stable and predictable electricity costs, are attached.