POUGHKEEPSIE, NY – Central Hudson Gas and Electricity Consumers’ Consumer Price Index fell slightly on Thursday, but will pay more in the next two years, according to the Poughkeepsie-based utility and government public service commission.
The price of natural gas supply increases every three years.
The Public Service Commission on Thursday approved the new rates. He said the financial impact on Central Hudson customers would be “surprisingly” less than the company’s original offer.
According to Central Hudson, electricity prices will fall by 0.25% for consumers, up 1.3% and 1.4% in the second year. Under the new rates, the impact on the average Central Hudson customer account is expected to be an average of $ 3.21 per month.
The new rates, effective December 1, will only cover the cost of electricity supply to customers. They do not include supply costs that are subject to market conditions and fluctuate on a daily basis.
The central Hudson supply, approved by the PSC on Thursday, will increase by 1.2%, 1.6% in the second year and 1.1% in the third year. The estimated impact on the average consumer is estimated to be $ 64 a year more than the current $ 2024.
The cost of transporting natural gas, like electricity, does not include the cost of the gas itself, which is also subject to market forces.
According to the PCC, Central Hudson’s revenue from electricity supply will decrease by $ 1.1 million in the first year of the new tariff and increase by $ 8.7 million in the second and third years respectively. Consumer gas supply revenue will increase by $ 3.9 million in the first year, $ 3.9 million in the second year and $ 4 million in the third year, the commission said.
The commission initially proposed that Central Hudson provide $ 32.8 million for electricity and $ 14.4 million a year for natural gas. Those ideas would increase consumer prices for electricity by 6.2% and gas by 8%, according to PSC.
Central Hudson spokesman John Maserjian said the utility will base its demands on proportionate change based on the expected revenue for infrastructure projects and customer support programs. He said the issues need to be addressed through discussions with stakeholders and PSC staff.
According to Maserjan, the new approved rates will support Central Hudson projects related to New York State Community Management and Climate Protection Act, including efforts to reduce carbon emissions.
Central Hudson serves about 308,000 electric customers and 84,000 natural gas customers in eight Hudson Valley counties.