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You’ll never guess why electricity rates will jump this summer. Hint: the Polar Vortex.
Last winter’s brutal polar vortex brought such cold temperatures that many New Yorkers saw their heating bills nearly double. Months later, the lingering after-effects of the polar vortex continue to keep electricity prices high.
Weather forecasters predict that New York State will experience sweltering temperatures in July and August 2014. As it gets hotter, air conditioners and refrigerators will have to work harder to keep things cool.
What does this mean for New York residents? Electricity prices are about to spike once again.
“New Yorkers, still reeling from home heating costs this winter, can expect to continue to get hammered by high bills this summer,” said Beth Finkel, New York State Director for AARP, a nonprofit social advocacy organization.
Why would the polar vortex impact summer energy rates? A recent study from the AARP explored the long-term impacts of extreme winter weather. It found that electricity generators had to tap into natural gas reserves during the polar vortex. The nation’s once abundant natural gas surplus was depleted. Now that reserves are low, natural gas prices are rising and the market has become increasingly volatile, which will lead to a summer rate spike.
The Energy Research Council issued a study mirroring the findings of the AARP report.
The AARP’s Finkel warns that throwing “looming rate hikes into the equation and household budgets for many simply don’t stand a chance against unprecedented utility bills. Something’s got to be done.”
In New York, the utility’s standard electricity supply rates are based on market conditions—and those prices fluctuate every 15 minutes.
AARP says that New Yorkers pay the highest electric rates in the United States. Since utility companies and the Public Service Commission handle how much to charge for electricity, New Yorkers have little control.
But where there are concerns, there are solutions. Rather than deal with the fluctuating prices offered by the utility companies, New Yorkers can opt for a fixed-rate plan from an electricity supplier such as Liberty Power. These fixed-rate plans can provide New York residents peace of mind. Making the switch allows households and businesses to worry less about unpredictable costs.
Liberty Power offers people fixed-rate electricity plans for up to 60 months. Customers are locked into a rate and avoid sudden spikes from extreme weather. That allows a household to budget more easily because the per kWh rate paid remains the same month-to-month, despite a polar vortex or summer heat wave.
For further information on available fixed-rate plans contact 1-866-POWER-99 to speak to a Liberty Power representative or click here for a price quote.