Many New Yorkers could be facing a crisis this winter as National Fuel announces its prices are set to double ahead of what is expected to be a bone-chilling winter in the state. The prices for both gas and electricity are increasing significantly, which could put an extra strain on many residents' bank accounts. On Thursday, September 22, the company issued a warning to customers that they will likely see their bills go up by over $1,000.

The Company estimates that based on the current market prices, the average residential customer will pay $1,023 to heat their home this winter – November through March – with expected increases over last year hovering around 50%.

This drastic price increase affects one of the most populated areas of the state - Western New York. But residents all across New York should brace for high prices. National Grid also announced its prices are going up by around 40 percent.

 

Photo by Emil Kalibradov on Unsplash
Photo by Emil Kalibradov on Unsplash
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On top of the National Fuel increase, National Grid already announced a hike in its prices. Customers will see a nearly 40 percent increase in electric and gas bills.

Based on current market conditions, National Grid’s residential natural gas customers who use an average of 713 therms during the five-month winter heating season — November 1, 2022, to March 30, 2023 — are forecasted to pay about $263 more than last winter. That’s a 39% increase for the same amount of energy use over five months, with $231 of that increase attributed to higher wholesale supply prices. For electricity, National Grid’s winter bill forecast shows that eastern New York residential customers will pay about $116 or 22% more compared to last season.

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This comes as the Old Farmer's Almanac warns people living in the Northeast that they should expect colder than normal temperatures this winter.

Janice Stillman, editor of The Old Farmer’s Almanac says,

One half of the country will deal with bone-chilling cold and loads of snow, while the other half may feel like winter never really arrives.

These increased costs, coupled with high inflation across the United States could spell disaster for many New York families.

Food prices and gas prices have already been rising, causing financial burdens to many families in New York. Governor Hochul recently announced that tax relief assistance checks would be soon arriving in some New Yorkers' mailboxes to help offset the costs. But with an average of $270 per eligible person, those checks likely won't be enough. Many New Yorkers may be facing a real crisis this winter if nothing more is done to alleviate rising prices.

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