It’s 2026, and “lowering utilities bills” is the new “housing affordability” for Democratic politicians. In the governor’s race, self-funded billionaire candidate Tom Steyer is declaring he’ll reduce electricity bills by 25%. Tackling electricity costs is a potent political issue with a populist message in a state with the second-highest power bills in the country. Electricity rates for the state’s three large investor-owned utilities — which serve the majority of California customers — rose between 48% and 67% between 2019 and 2023. And the high costs come amid anxiety about the potential effects of artificial intelligence data centers on power bills.