In the next few years, the United States is going to see the fastest growth in electricity demand since the 1970s. And that’s only the beginning of the challenges that our power grid will face. When you step back, virtually every trend facing the power system — such as the coming surge in liquified natural gas exports or President Trump’s repeal of wind and solar tax credits — threatens to constrain the supply of new electricity.

On this week’s episode of Shift Key, Rob and Jesse talk about why they’re increasingly worried about a surge in electricity prices. What’s setting us up for an electricity shortfall? What does the recent auction in the country’s largest electricity market tell us about what’s coming? And what would a power shock mean for utility customers, the economy, and decarbonization?

Shift Key is hosted by Jesse Jenkins, a professor of energy systems engineering at Princeton University, and Robinson Meyer, Heatmap’s executive editor.

Mentioned:

Jesse on The Ezra Klein Show

From Rob: The Electricity Affordability Crisis Is Coming

U.S. power use to reach record highs in 2025 and 2026, per EIA

Why the EIA expects natural gas prices to rise

The Messy Truth of America’s Natural Gas Exports

Governor Josh Schapiro’s legal action to constrain power prices

Jesse’s upshift; Rob’s downshift.

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This episode of Shift Key is sponsored by …

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Music for Shift Key is by Adam Kromelow.

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Why We’re Worried About Electricity Prices

Shift Key with Robinson Meyer

Why We’re Worried About Electricity Prices