Higher electricity prices expected this summer, NY Public Service Commission warns

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ROCHESTER, N.Y. (WHEC) — The New York State Public Service Commission warned customers Thursday that the price of electricity for full-service residential customers this summer is expected to be higher than it was a year ago.

The commission said that’s due to higher demand and international uncertainty regarding energy supplies, and that the statewide average residential full-service commodity rate is expected to be about 12% higher than it was last year, but that that rate may be dependent on where in the state the customer lives.

The commission has also modified the process that the Consolidated Edison Company of New York, Inc. (Con Edison) will use to account for costs related to the purchase of the electricity it supplies to customers. Con Edison will now calculate the energy component of the MSC, electric supply cost recovery mechanism, using forecasts of energy prices each month along with estimates of associated hedging impacts.

It said that is aimed at reducing the likelihood of "significant customer bill volatility".