New York residents can expect higher electric costs this summer
The state’s public utility regulator says New Yorkers can expect to pay about 12% more for electricity this summer compared to last year due to the global increase in natural gas prices. The Public Service Commission says price increases are hitting every state, including New York, and that means it’ll cost more to generate the electricity we use.
The Public Service Commission attributes the higher prices to a mixture of a higher demand due to the economy's rebound and uncertainty over energy supply. The Commission says those factors are both outside of their control, but they assure the public that they are working to mitigate price hikes within what they can control.
Meanwhile, PSC officials say the state’s electric grid and utilities are prepared for the typical increased summer demand for power.