Average summer residential electricity rates are expected to be lower than last year in most parts of the state

Thursday, May 16, 2024 at 01:20 pm

Peak summer electricity demand continues to decline due to energy efficiency initiatives

√ PSC is reviewing new extreme heat protection

Submitted by the New York State Public Service Commission

The New York State Public Service Commission announced that New York’s electrical grid and electric utilities are prepared for increased summer electricity demand. Additionally, the price of electricity paid by full-service residential customers is expected to be lower on average than a year ago, depending on customer location, demand and actual market rates. The PSC also discussed measures to protect against extreme heat events that utilities have adopted in recent years.

“Most of New York is expected to see lower energy prices this year than last, and that’s good news for individual and business customers,” said Commission Chairman Rory M. Christian. “We will continue to invest in energy efficiency and a clean energy grid that will help us all fight climate change and stabilize energy prices over the long term.”

Average statewide supply costs for full-service residential customers this summer (June through September) are expected to reach $207.88, down nearly 3% from last year’s $231.95. Actual total summer supply costs will vary depending on state region and individual use.

In the summer of 2013, New York State recorded a record peak demand of 33,955 megawatts. Peak demand this summer is expected to reach 31,541 MW, slightly higher than last year’s actual peak of 30,206 MW. Total installed generating capacity for 2024 is 36,990 MW, which combined with installed generating capacity and other resources, provides New York with a total of 40,733 MW of capacity resources for 2024, well above projected need.

Thanks to energy efficiency and system improvements, peak forecasts for the coming years remain relatively stable. By 2034, the combined effect of energy efficiency and demand reduction programs is expected to help reduce peak demand by 6,436 MW. A 2,000 megawatt reduction in peak demand is equivalent to electricity generated by several large power plants, enough to supply approximately 1.75 million average-sized homes. Reducing the amount of electricity consumed daily and during the hottest summer days provides significant benefits to consumers and the environment.

To further help limit power system demands at peak times, both utilities have load shedding programs through which customers are compensated for providing load reductions when called upon. Currently, more than 1,293 MW are in these programs for 2024 to facilitate peak demand reduction during the hottest days of summer. The PSC and other government agencies have very active programs designed to reduce the impact of high utility bills on low-income customers.

In today’s presentation on extreme heat protection for utilities, the PSC noted that the state’s major utilities will temporarily forego shutdowns for nonpayment of bills during what the federal Centers for Disease Control calls periods when it is hotter and more humid than normal for the place and time in which Such dangerous weather occurs there. Extreme heat protection will help protect seniors, children, low-income New Yorkers, pregnant women and those with chronic health conditions from heatstroke and other heat-related illnesses, thus avoiding preventable hospitalizations and deaths.

Today’s report can be obtained by going to the Commission Documents section of the PSC website at www.dps.ny.gov and entering case number 24-E-0240 in the input box labeled “Search Case/Matter Number.” PSC documents may also be obtained from the Commission Files Office, 14th Floor, Three Empire State Plaza, Albany, NY 12223 (518-474-2500) If you are having difficulty understanding English, please call us at 1-800-342- 3377 for free language assistance services in connection with this press release.

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