The price of natural gas increases by 11% in the winter season in New York

Residents of New York against rising prices than natural gas this winter United Statesalthough electricity costs are expected to decrease slightly, according to newly released estimates. The State Public Service Commission (PSC) He expected service prices to rise 11% during the heating season, between November and March, compared to the previous year. This could mean customers using 198 cubic meters will pay around $202 per month, according to New York Post.

In comparison, electricity prices could see a reduction of about 2%, with an estimated monthly cost of $58 for those who consume 600 kilowatt hours, per month.

“We are closely monitoring utilities serving the state to ensure they have sufficient sources and supplies of electricity and natural gas to meet expected customer demand this winter,” said e. Rory Christiancommissioner of the PSCa Union of Times.

National Grida major gas and electricity supplier to much of the Upstate, predicts a smaller drop in electricity prices of just 0.2% or about $1, reported Union of Times. At the same time, they expect a $5 per month increase in gas prices. Patrick Stellaa company spokesperson, said “our company’s bills were down more than 20% last year compared to the 2022-2023 heating season,” thanks in part to a warmer-than-normal winter.

Weather forecasts also play an important role in these price predictions. The National Oceanic and Atmospheric Administration (NOAA) slightly warmer than normal temperatures in the North East from December to February, with average rainfall. The climate phenomenon a The Girl It could play a role, bringing colder-than-normal temperatures in the Pacific Ocean, he explained Kevin Liptonmeteorologist National Weather Service in Albany.

The National Grid expects a slight decrease in electricity prices and an increase in gas prices, reflecting the trend of the energy market. (REUTERS/Dado Ruvic)

The fact is that the volatility of the global market is still a concern for consumers. The PSC stressed that “consumers are not fully protected from global market price volatility,” according to Union of Times. In addition, rate increases that may be proposed by such companies Central Hudson Gas & Electric y National Grid If passed, they could increase residential gas and electric bills by $37 a month by the end of next year.

Consumer advocacy groups are still aware of these changes. Laurie Wheelockexecutive director New York Public Utilities Billmentioned Union of Times their concern about energy prices, especially for low income families. According to the data, National Grid He had 228,839 accounts in arrears of more than 60 days, accumulating a debt of 310 million dollars.

Companies’ strategies to mitigate fluctuations in energy prices include measures such as price hedging and storage of natural gas reserves. This approach allows companies, for example, to buy supply contracts at low prices in the summer, protecting themselves from possible price increases in the winter.

About half of the electricity New York comes from plants that burn natural gas or a mixture of gas and oil, he noted New York Post. Lessons learned from the polar vortex winter of 2013-14 have prompted precautionary actions, such as increasing fuel reserves at installations and signing company contracts with fuel oil suppliers.

New Yorkers should be alert to these price changes to better manage monthly expenses.