Cost Of Electric In Hudson Valley, New York Is Quadrupling
The price to power your Hudson Valley home continues to increase dramatically.
Central Hudson has confirmed supply prices are about quadruple the amount of what they were just four months ago.
Electric Supply Prices Increasing In Hudson Valley, New York
Central Hudson announced the residential price for electric supply has increased from 13.06 cents per kilowatt hour (kWh) in September to 16.93 cents per kWh. The price change went into effect on Oct. 12.
In June, the price for electricity was just over 4 cents per kilowatt hour.
"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 states.
Central Hudson Electric Supply Price Increasing By 60 Percent
The price of electricity increased by nearly 60 percent from August to September. 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.
Natural Gas Supply Prices Down In Hudson Valley
There is some good news to report. Central Hudson confirmed the price of natural gas has "decreased significantly" from 97.8 cents per hundred cubic feet (ccf) in September to 78.8 cents per ccf in October.
“We understand rising supply prices can create confusion and stress surrounding utility bills for our customers and we are working closely with our regulators to find ways to keep them as low as possible,” Central Hudson's Senior Vice President of Customer Services and Gas Operations Anthony Campagiorni said in a press release. “We also urge our customers to take advantage of the resources available on our website. We offer a host of assistance programs and billing options that can help customers manage their accounts.”
Reason For Central Hudson Market Volatility
The company says the unpredictability is due to international, national and regional forces.
Indian Point Closure One Factor For Price Increase
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.
- Unrest in Europe
- Unplanned out of a natural gas-fired power generator in eastern New York
- Supply and transportation pipeline constraints in the northeast