Electricity prices in New York could increase 1-2% due to unforeseen costs and inflation in the state’s transition to renewable energy, the New York State Energy Research and Development Agency revealed.
The information, presented to the state Public Service Commission, which oversees wholesale energy prices, came in response to an earlier plea by the Alliance for Clean Energy (ACE) to increase the payouts for solar and wind energy developers.
Multiple energy stakeholders, including wind, solar, and transmission line developers, have echoed these sentiments, stressing that several ongoing or planned projects might not be feasible without more substantial financial guarantees. Meanwhile, business groups voiced concerns over the ultimate financial impact on utility customers, with many cost specifics yet to be made public.
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