Your Hudson Valley Electric Bill May Increase By Another 60%
A Hudson Valley utility supply company is warning of another drastic price change. Officials are blaming several factors.
Central Hudson is warning customers to prepare to pay more for energy supply. The residential price for electric supply increased on Sept. 13 from 8.32 cents per kilowatt hour (kWh) in August to 13.06 cents per kWh, an over 60 percent increase.
Central Hudson Electric Supply Price Increasing By 60 Percent
"Central Hudson purchases electricity and gas from third-party suppliers on behalf of customers. These costs are not marked up and Central Hudson does not profit from them, meaning customers pay the same rates as Central Hudson for the energy they use," Central Hudson stated in a press release.
On Sept. 1, Natural gas prices some from 87.1 cents per hundred-cubic-feet (ccf) in August to 97.8 cents per ccf, according to Central Hudson.
“We understand the challenges our customers face with regard to the increased cost of electricity and natural gas and are working hard to keep costs as low as possible,” Central Hudson Senior Vice President of Customer Services and Gas Operations Anthony Campagiorni stated. “We encourage our customers to take advantage of the various assistance programs and billing options that are available to help manage account balances.”
Indian Point Closure One Factor For Price Increase
Central Hudson says several international, national and regional factors are causing market volatility. Locally Central Hudson blames the closure of the Indian Point.
"Retiring Indian Point raised the use of fossil fuels for generation in downstate New York from 77 percent to 89 percent and increased average electricity prices by 85 percent between 2020 and 2021. This trend has continued in 2022 as Central Hudson set an all-time record for single day natural gas send out on August 4 (156,400 ccf) with a significant portion of that volume going to the Roseton and Danskammer power plants in order to meet demand," Central Hudson states, according to numbers from the New York Independent System Operator.
Other Factors For Price Change In Hudson Valley, New York
- Unrest in Europe
- Unplanned out of a natural gas-fired power generator in eastern New York
- Supply and transportation pipeline constraints in the northeast