By Hank Russell
A recent report has shown that New York is now the third most expensive state in the nation when it comes to electricity prices.
According to the Empire Center for Public Policy’s latest Energy Data Bulletin, residential electricity prices crept up in May to 29.93 cents per kilowatt hour (ct/kWh), a 1.6% increase over April’s price of 29.45 cts/kWh, but up 12.14% from the previous May, when it was 26.69 cts/kWh.
May’s price exceeds the national average of 18.44 cts/kWh and is behind California (33.25 cts/kWh) and Hawaii (28.23 cts/kWh) in having the costliest electricity prices, according to the think tank. Further, New York’s average electricity price has increased 72.5% since 2019, significantly faster than the national average increase of 38.5%.
“Third highest in the nation is not where New York should want to be on electricity prices,” said Zilvinas Silenas, president of the Empire Center. “If this is affordability, New Yorkers cannot afford it.”
The Empire Center also found that the average residential price for natural gas was $22.74 per thousand cubic feet ($/MCF). Although it is lower than in other states like Hawaii (a nation-high 70.84 $/MCF), Georgia (33.28 $/MCF), Massachusetts (31.39 $/MCF) and Texas (30.48 $/MCF), it is 14.7% higher than the national average of 19.83 $/MCF.
Although May’s prices were up 7.5% from the previous month, when it was 21.2 $/MCF, it was 2.3% lower than last year’s price of 23.3 $/MCF, based on Empire Center data.
“New York’s energy policy is contributing to the higher costs we have warned about for years,” said Silenas.