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There is good and bad news when it comes to potential costs for heating during the coming winter months. In October, National Fuel Gas Distribution Corp. said it expects the typical residential customer to spend approximately $742 to heat their home this winter, nearly 5% less than last winter's average cost of $780.
The projected decrease reflects lower natural gas supply costs, the impact of strong storage inventories, and National Fuel's long-term gas purchasing strategy, which helps reduce exposure to market volatility and seasonal price spikes. The lower supply costs are partially offset by the final delivery rate adjustment under National Fuel's current three-year rate plan, which took effect Oct. 1.
"Customers are looking for certainty when it comes to household energy costs," said Michael Colpoys, President of National Fuel Gas Distribution Corporation. "Thanks to abundant natural gas supplies, prudent planning and investments in our utility system, we expect heating costs to be lower this winter while continuing to provide the safe and reliable service our customers depend on every day."
Of course, everyone knows the bad news. Those using electricity are likely to be spending more to heat their residence from now through April.
"New Yorkers with already stretched household budgets now face another burden from rising electricity costs," said Zilvinas Silenas, president of the Empire Center for Public Policy. "This is another reminder that New York's energy policy is failing households."
Newly released U.S. Energy Information Administration data put New York's average residential electricity price at 28.65 cents per kilowatt-hour, 57.8% above the national average, the Empire Center reported. Prices rose 7.5% in New York over the past year, more than twice the national increase of 3.4%. Since August 2019, New York's residential electricity prices have risen 55.9 percent, compared with 36.5 percent nationally.
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