In a press release, New York Independent System Operator (NYISO) wrote that millions of New Yorkers would have enough electricity supplies this winter to meet forecasted peak demand conditions.
While that's a relief NYISO won't have to resort to power blackouts this winter, the grid operator warned customers would face "a sharp rise in wholesale electricity prices expected this winter due to several economic and geopolitical factors that continue to impact the cost of natural gas used in the production of electricity."
Bloomberg pointed out that NYC natural gas prices for January delivery were more than 60% higher than a year ago. Plus, diesel prices are through the roof as fuel supplies in the Northeast are dangerously low. Combine higher inputs to generate power, which means the added costs will be passed onto consumers.
For months we have pointed out, "The Average US Household Pays 47% More For Electricity Than A Year Ago" and "American Energy Bills Are Set To Soar This Winter" and "Your Next Pain Will Be Soaring Electricity Costs As Energy Crisis Comes To America."
And just as the cold season begins, there are 20 million households behind on their power bills. Now power companies are renegotiating power contracts with households, increasing the price per kilowatt substantially.