As the cold starts to sweep across New York, a chill of uncertainty looms due to the fluctuations in utility rates. A recent upheaval has been noticed in the utility landscapes with Central Hudson and NYSEG announcing significant rate increases. Central Hudson is seeking approval for a staggering 16% increase in electric bills and a 19% increase in gas bills, slated to take effect in July 2024 (1).
NYSEG and Central Hudson Planning Rate Increases
Adding to the uncertainty, the New York Public Service Commission (PSC) has approved a three-year utility rate increase for NYSEG. Customers are bracing for rate hikes, with customers expected to see an increase of around $10 per month (2). Last week, the PSC approved a 62% increase in NYSEG’s delivery rates for electricity, and a 17.8% gas increase (4).
However, National Grid has predicted that households will pay 18% less this winter than last year for natural gas (3). This prediction seems to defy the current inflationary trends and the rate increases announced by other utility companies, casting a shadow of doubt and uncertainty over the future of utility rates in New York.
From a logical standpoint, if the two other major utility companies in upstate NY, NYSEG and Central Hudson, are significantly raising their rates, why would National Grid be decreasing theirs? It does not seem to make sense, given today’s economic climate. There has to be a catch somewhere. If three companies are servicing the same areas, and only one of them is lowering their rates, something is not adding up. Time will only tell, and winter is right around the corner.
Protect Yourself from Utility Rate Increases
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The sense of fear about what the future holds for utility rates makes it imperative for consumers to consider energy sources to hedge against these fluctuations and secure a sustainable future. By embracing the services of Kasselman Solar, residents can not only secure themselves against the whims of fluctuating utility rates. Additionally, you can also contribute towards a greener environment, while enjoying the quality that has become synonymous with Kasselman Solar.
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- https://westchester.news12.com/ulster-county-legislature-opposes-central-hudson-16-and-19-rate-hikes
- https://www.wskg.org/news/2023-10-13/public-service-commission-approves-3-year-rate-increase-for-nyseg-rg-e-customers
- https://www.newyorkupstate.com/news/2023/10/national-grid-predicts-winter-heating-bills-will-be-less-costly-than-last-years.html
- https://ithacavoice.org/2023/10/psc-approves-double-digit-rate-increases-for-nyseg/
