11.28.22 - Demand on New York state’s electric system increases
' New Yorkers are expected to see electric bills increase by more than 30% this winter compared to last year in wake of various national and geopolitical factors keeping the cost of natural gas and electricity elevated.
Inflation, ongoing supply issues from the COVID-19 pandemic and the war in Ukraine continue to keep energy costs significantly higher, but New York's power grid has a sufficient supply of energy and won't be strained to carry the state through the winter season, according to an assessment Monday by New York Independent System Operator.
"We're well-positioned to meet this winter's forecast," said Kevin Lanahan, NYISO's vice president of external affairs and corporate communications.
Experts with New York Independent System Operator, which is responsible for the functioning of the state's electricity grid, estimate the state's power system will have a surplus of 1,620 megawatts at peak demand.
"The real concern we have is whether or not that's going to impact fuel supplies here in the state," Lanahan said. "Right now, it doesn't look like that's an issue, but the pricing issue is definitely something that we're concerned about and we want to make sure consumers understand going into the heating season."
The higher prices, with increases between 30 and 40%, aren't expected to turn around before the spring thaw. The price of fuel and natural gas directly impact the cost of electricity.
NYISO has been working with transmission owners and utilities around the state to make sure customers are aware of the expected cost increases.
"We expect high prices going into the new year," Lanahan said.
He added that lawmakers and state officials must be aware of the forecasted increases they can't control and sustained impact on taxpayers. '