The New York Public Service Commission (PSC) has approved new utility rate increases for National Grid and Central Hudson. The utilities had requested larger increases to take effect over a single year, but the PSC decided on smaller hikes that will be implemented gradually over three years. The new rates for both electricity and natural gas will start in September.
In recent years, utility rates in New York State have risen significantly. One factor contributing to these increases is the state’s climate law, known as the Climate Leadership and Community Protection Act. This legislation requires reductions in greenhouse gas emissions and mandates widespread electrification across the economy, which has led to increased investment in energy infrastructure.
The National Federation of Independent Business (NFIB) has expressed ongoing concerns about the impact of rising utility costs on small businesses in New York. “The continued approval of double-digit percentage rate hikes is unsustainable for businesses, consumers, and the state’s overall economy,” NFIB stated.
Additional details about the approved rate changes can be found at the Public Service Commission’s website: https://www.dps.ny.gov/.
