NY Electric Bills Could Jump 12% This Summer, Officials Warn

NEW YORK CITY — Here's some news that will cause cash-strapped New Yorkers to sweat: electric bills this summer are expected to be higher than normal.

New York electric prices could be 12 percent higher this summer than last year, the state's Public Service Commission projects.

The higher-than-normal projection announced Thursday is because of a rebounding economy from the coronavirus pandemic and international uncertainty over energy supplies, likely from the war in Ukraine, officials said.

“New York, like every other state, continues to experience higher than normal commodity prices compared to where prices were several years ago, and that is expected to continue throughout the coming summer,” said Commission Chair Rory M. Christian in a statement. “Because of an expected increase in generator fuel costs as well as the changes in capacity prices and obligations, residential and
commercial customers may experience higher commodity bills this summer than last."

Regulators will require utilities to keep prices relatively level, but customers likely will overall pay more.

As a practical matter, that means the cost of turning on air conditioning during hot summer days — a necessity during heat waves — will rise.

New York City dwellers have already seen electric bills rise in recent months. Inflation drove up household energy bills 21.2 percent from April 2021 to last month, according to a recent Bureau of Labor Statistics report.

And many city dwellers this winter saw their Con Edison bills unexpectedly triple.

Read the full Public Service Commission announcement here.