SemiAnalysis's newsletter article argues that AI datacenters are indeed raising American electric bills, but that the fault lies with government policy and market design rather than AI itself: PJM's capacity auction jumped 9.3x to $270/MW-day on a simulated forecast, while Texas's ERCOT kept prices stable despite massive datacenter growth. SemiAnalysis forecasts PJM's 67 million residents will see bills rise about 15% in 2026, roughly $25-30 more per month, and says its own datacenter-construction tracking shows PJM's demand forecast is likely too optimistic.