ALBANY, N.Y. – As Capital Region residents continue to struggle with paying high energy bills from this winter, market prices are on the rise, which could translate to an increase in energy bills once again.
The Public Service Commission met Thursday, and according to a presentation on summer preparedness, market prices are on the rise, which could lead to higher energy bills again.
Right now utilities like National Grid and NYSEG are going through a mandatory summer preparedness process. The Public Service Commission, which regulates and oversees electric and gas industries, met to discuss summer energy prices.
According to the PSC, transmission operators report they are able to meet peak projected loads this summer and all areas with lines and generators are in service. But as far as projected market energy prices, it’s showing a larger increase than last summer. That means residents can most likely expect an increase in energy bills as the summer months approach.
PSC chair Audrey Zibelman says it’s something the agency is keeping a close eye on.
“It’s something that we’ll look at as we work with the utilities as well as other retailers in the market to see how can we protect consumers against this type of price volatility and price increases,” she said.
Zibelman says the increase is expected to be less than the major hikes we saw this winter, but again weather plays a huge role so if we have an extra hot summer, there’s no telling how high the prices could actually go.