Trump pledged to cut electricity costs in half within a year of taking office. Instead, they’ve spiked amid surging demand. Nationally, the average retail price for electricity gained 7.4 per cent in September to a record 18.07 cents per kilowatt-hour, the biggest gain since December 2023, according to the latest government data. Residential prices have jumped even higher, rising by 10.5 per cent between January and August 2025, one of the largest increases in more than a decade, according to the National Energy Assistance Directors Association.