Those costs don't fully explain the increases. Worse is the direct impact of the trump admin cancelling the subsidies that were intended to off-set the higher costs of generation and reduce that up-front cost. Models are now beginning to price in the higher PPI cost, and this is the result. 2/
On top of that, raw materials like rare earths are still imported, so Tarrifs are increasing the cost of materials at the same time the loss of subsidies are increasing the overall cost of new builds. The result is rate hikes. AI is just the whipped cream on this sundae of cost rising market forces