NYC Residents Could See 17% Spike in Natural Gas Prices

by YS Gold 

National Grid—the natural gas provider for the NYC area—has proposed a 17% increase in natural gas prices for residential buildings. This rate hike would affect close to two million customers in the city.  

The utility company blamed climate change policies which make it more expensive for them to operate, as well as rising inflation for their proposed increase. They said that the increase would be “phased in over a number of years, so the hike—which could see the average bill jump by $30.95 a month—does not come at one time. 

“The proposal seeks $414 million in revenues for New York City and $228 million for Long Island for the most critical investments to enable the company to deliver safer, more reliable and cleaner energy,” said a statement by National Grid. 

“[this] will enable critical investments to support the state’s clean energy goals, ensure the reliability and safe operation of the distribution networks and expand and enhance programs that support the company’s 1.9 million customers in New York City and on Long Island,” it continued. 

The proposal will be voted upon by the New York State Public Service Commission, deciding whether we will see the proposed hike.