New Yorkers Face Sharp Increase in Winter Electricity Prices
- NYC gas prices for January are over 60% higher than year ago
- Consolidated Edison expects power bills to climb 22%
People view the Manhattan skyline.
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New Yorkers face a sharp rise in electricity bills this winter as Russia’s war in Ukraine and a rebound in local demand boosts prices of natural gas, according to the state’s power grid operator.
Wholesale electricity prices may be 20% to 30% higher than last winter, the top executive at the state grid operator said at a Monday media briefing. While the New York Independent System Operator doesn’t forecast prices, there is a “very tight correlation” between natural gas and power prices, Chief Executive Officer Richard Dewey said.