New York’s Summer Average Electrical Prices Expected to Drop 3% – Reuters

The New York State Public Service Commission (NYPSC) announced that average electricity prices for full-service residential customers are projected to be lower this summer compared to last year, depending on factors such as location, demand, and market prices.

The statewide average supply cost is forecasted to be $207.88, representing a nearly 3% decrease from last summer’s average of $231.95. The commission also noted that peak summer electricity demand is on the decline due to ongoing energy efficiency initiatives.

Looking ahead, the NYPSC expects stable peak forecasts in the coming years, attributing this to energy efficiency measures and improvements in the system. By 2034, a reduction of 6,436 megawatts (MW) in peak demand is anticipated. For the summer of 2024, the peak demand is projected to reach 31,541 MW—slightly above last summer’s actual peak of 30,206 MW.

The installed generating capacity for 2024 is estimated at 36,990 MW, and when combined with other resources, New York will have a total capacity of 40,733 MW, which exceeds the expected demand.

Commission Chair Rory M. Christian emphasized the importance of continued investments in energy efficiency and the clean-energy infrastructure, stating that these efforts will help combat climate change and stabilize energy prices over the long term.

In contrast, analysts predict that extreme heat and rising electricity demand could lead to increased power prices in Texas this summer, while power markets across the rest of the United States are generally experiencing lower pricing trends.