"Tsunami Of Shutoffs": 20 Million US Homes Are Behind On Power Bills "Tsunami Of Shutoffs": 20 Million US Homes Are Behind On Power Bills At least 20 million households -- or about 1 in 6 American homes -- are behind on their power bills as soaring electricity prices spark what is said to be the worst-ever crisis in late utility payments, according to Bloomberg , citing data from the National Energy Assistance Directors Association (Neada). Neada said electricity prices had increased significantly since 2020 after a decade of stagnation. The steep rise has resulted in billions of dollars in overdue power bills. Source: Bloomberg Electricity inflation is being propelled by soaring costs of fossil fuels, such as natural gas, coal, and petroleum. Source: Bloomberg NatGas fuels about 40% of the US power grid and soared to the highest levels since 2008 on Tuesday. The chart below shows for the two decades, real electricity prices were relatively flat, except for the commodity boom times around the 2008 GFC. Now CPI less energy has peaked, though electricity continues to rise to a blistering 30% year on year.