Half-Million New Yorkers Must Pay Much More For Electric, Gas

This is "not the outcome" Hudson Valley residents wanted. But get ready to pay more.

Last summer, Hudson Valley Post reported that Central Hudson wanted to raise its gas and electric rates by double digits.

Central Hudson Wanted To Raise Prices By Nearly 20 Percent

The company asked the Public Service Commission to allow electric rates to increase by 16 percent and gas by 19 percent.

"We believe that this proposed rate plan is essential to address our infrastructure needs, recover from the impacts of COVID-19, and ensure that we can respond effectively to extreme weather events – which are occurring more frequently," Vice President of Regulatory Affairs for Central Hudson Joe Hally said in 2023. "By making these necessary investments, we will not only maintain the safety and reliability of our utility operations but also comply with New York State's nation-leading clean energy laws, protect the environment, and improve customer service through the adoption of new technologies."

For all the news that the Hudson Valley is sharing make sure to follow Hudson Valley Post on Facebook, download the Hudson Valley Post Mobile

Officials add increases are needed to "upgrade outdated equipment and infrastructure that is past the end of its useful life and ensure continued safe and reliable utility operations and support an evolving workforce and new technology to meet the needs of the 21st-century grid."

Public Service Commission Approves Central Hudson Rate Increase

On Thursday, the Public Service Commission approved a rate increase by a "dramatically" reduced rate, according to the PSC.

The PSC approved a nearly 8 percent increase for electric while gas will rise by over 9 percent.

"The forward-looking plan we have adopted benefits customers and includes provisions that further important State and Commission objectives,” Commission Chair Rory M. Christian stated. “With today’s decision, Central Hudson is required to pursue important energy-efficiency initiatives among other progressive policies, to advance the goals of New York State’s nation-leading climate change targets, while mitigating bill impacts for low-income customers, as part of New York’s energy affordability policy.”

The rate hikes will go into effect on August 1, 2024 and last until at least June 30, 2025.

“This new, one year plan will allow Central Hudson to make critical investments in the energy system so we can continue to safely serve our customers while also supporting New York State climate laws and reliability mandates,” Hally stated on Thursday. “We appreciate the work and dedication of all parties who helped the Commissioners arrive at this decision.”

How Much More Will You Pay?

Central Hudson delivers natural gas and electricity from north of New York City to the Capital Region. Central Hudson serves 309,000 electric customers and 84,000 natural gas customers, according to the PSC.

This May Impact You: 1 Of New York's Biggest Gas Stations To Close 1,000 Locations

Officials say you can expect to pay $12 more per month for electric and another $12 more per month for gas. If you have both, you can expect to pay nearly $300 more over the next year.

"While the decision presents a rate increase that is less than the $30 per month proposed by Central Hudson, the increase is still a significant rate hike," Communities For Local Power told Hudson Valley Post in an email.

Sad News: These 11 Popular Food Items Are Gone From New York State Stores

New York Senator Outraged

Many Hudson Valley residents are disappointed with this news. New York State Senator Michelle Hinchey says this isn't what residents "deserve."

"This is not the outcome we wanted, and it’s not what Hudson Valley residents deserve after years of suffering financial hardship and distress from Central Hudson’s corporate mismanagement,” Hinchey stated. “As our region grapples with utility providers more interested in prioritizing profits over the people they serve, it’s clear we have to continue fighting for legislation that holds these companies accountable to our communities."

Keep Reading: