Electricity prices to rise in New York this summer

New Yorkers planning to install air conditioners for the summer risk getting burned by high energy costs. Projected growth in monthly bills will be 12 percent compared to last summer. This was warned on Thursday, May 12, by representatives of utilities, reports New York Post.

“New York, like every other state, continues to see higher commodity prices than in years past. This will continue throughout the summer,” warned Public Service Commission Chairman Rory Christian.

According to Con Ed spokesman Allan Drury, the median monthly utility bill for a homeowner from June to September last summer was $104,05. Energy, shipping and taxes account for about a third of each customer's electricity bill.

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Con Ed and PSC have assured that electricity will be sufficient during the peak summer season. They will try to avoid its blackouts. A faltering post-pandemic economy and international supply uncertainty are pushing prices up.

“The increase in electricity prices in general can be explained by the global increase in the cost of natural gas,” the PSC said after the commissioner's board meeting on Thursday, May 12.

Energy costs are the highest since 2014

The PSC said the state's new Green Deal will increase the use of renewable energy, as well as reduce demand for fossil fuels and reduce price volatility.

Gov. Kathy Hokul and the legislature included a $250 million fund in the state budget approved last month. This is to help low-income residents pay off utility bills.