The cost of electricity could go down in NY this summer based on forecasts
The cost of electricity supply is expected to remain near historically-low levels in New York this summer, according to the New York State Public Service Commission.
Energy price forecasts are down between 1 percent to 3 percent across the state, which could translate to lower supply bills for consumers this summer. Also, peak power demand forecasts continue to fall thanks in large part to the state’s Reforming the Energy Vision (REV) strategy. The decline in the amount of electricity used during the year helps lower costs for consumers.
“The summer outlook is great news for residential and business customers,” Commission Chair John Rhodes said. “Governor Cuomo’s REV initiative to create a cleaner, more resilient, and affordable energy system continues to yield dividends including lower consumer costs; and it is helping to ensure an adequate, reliable electric supply going forward.”
Typically, the forecast for summer peak load demand has been in the range of 33,300 megawatts (MW), compared to the winter peak of about 25,000 MW. Peak load this summer is forecast to be 32,382 MW — down slightly from last year. The state set a record for peak load in the summer of 2013 when it hit 33,955 MW. Thanks to REV and other improvements, the forecast for 2026 is about 2,000 MW less than its 2016 outlook. A 2,000 MW decrease in peak demand is the equivalent of the electricity generated for approximately 1.75 million average-sized homes.
