As if inflation wasn't bad enough, National Grid is proposing another rate increase and it will likely increase the bill for electric and gas customers over $400. Can you afford another increase?

National Grid has made a proposal to the New York State Public Service Commission to raise rates for both gas and electric utilities possibly as early as next year. According to National Grid,

National Grid has submitted a proposal to support a smarter, stronger, cleaner energy system that will enhance reliability and advance New York’s clean energy goals in a filing with the New York State Public Service Commission. The filing, which proposes to reset electricity and natural gas delivery prices beginning spring 2025, is focused on maintaining critical infrastructure, improving customer service, providing additional assistance to vulnerable customers, promoting economic growth, and preparing electricity and gas networks for the energy transition that will rely more heavily on clean energy sources.

The claim is that this will reduce the need for further rate increases in the future and will advance technology for reading electrical and gas meters on homes. The proposal would also aim to help the more disadvantaged customers by increasing the number of consumer advocates, among others.

What will this increase cost the consumer? According to Grid,

The one-year proposal would result in a total monthly bill increase of about $19, or 15 percent for a residential electricity customer using 625 kilowatt-hours. Total gas bill increase for residential gas customers would be about $18, or 20 percent a month, based on 78 therms used.

That amounts to approximately $440 more per year for every household using both gas and electric services.

Are you able to afford this increase? Times are tough and with that said, the hope is that this increase while difficult now may end up being a benefit in the long run. Of course, the NYS Public Service Commission will have the final say when it comes to this proposal. Only time will tell if it gets approved.

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