The New York State Public Service Commission (PSC) has projected lower electricity prices for the coming summer season, despite an anticipated increase in demand.
The PSC report indicates that the average supply costs for customers are likely to be around $214.81, marking a 3% reduction from the previous year’s $221.77. Nevertheless, actual costs may vary based on usage and geographical region.
Despite the forecasted summer electricity demand rising to 32,048 MW from last year’s peak of 30,505 MW, the PSC assures that New York is well-equipped with 41,148 MW of resources.
PSC Chair Rory M. Christian reiterated their commitment to cleaner energy development, taking advantage of the dip in energy prices to bolster investments for a climate-friendly grid. Moreover, due to ongoing efforts in energy efficiency, the PSC projects a peak demand decrease of 2,000 MW for 2026 as compared to the forecast made in 2016.
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