NY natural gas prices expected to surge 11% this winter, while electricity prices could fall

Natural gas prices could soar 11% this winter compared to last year, while electricity prices could fall about 2%, the state Public Service Commission estimated.

Customers using 700 therms of natural gas will likely pay $202 monthly during the November-March heating season, for an 11% dump over the same period in 2023-24, according to a commission estimate released last week.

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New York electric customers using 600 kilowatt hours-per-month will pay $58 per month, a 2% decline.

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“We are closely monitoring the utilities serving New York State to make sure they have adequate sources and supplies of electricity and natural gas to meet expected customer demands this winter,” PSC Commissioner Rory Christian said in a prepared statement to The Times Union.

National Grid, which delivers gas and electric to much of upstate, predicts electricity prices will fall less than the PSC’s estimate, at 0.2% this winter or $1 per month, the newspaper reported. The utility, which also provides gas service in Brooklyn, Staten Island and most of Queens, expects gas prices to increase about $5 per month.

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The National Oceanic and Atmospheric Administration issued its winter outlook last week calling for slightly warmer-than-normal temperatures in the Northeast from December through February and above-average precipitation.

National Grid spokesman Patrick Stella said the company’s bills decreased more than 20% last year compared to the 2022-2023 winter heating season. That typical reduction of about $160, or $32 per month, was in part due to a warmer-than-average season last year.

It, however, is seeking a 17% rate increase, that if approved, could increase residential gas and electric bills by $37 a month later next year. Central Hudson Gas & Electric, which serves much of the Hudson Valley, is also seeking commission approval for a rate increase.

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