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Central Hudson says electricity prices dropped 55 percent in May

May 11, 2022 1:00 am

Melanie Lekocevic is reporting for Capital Region Independent Media after several months of unpredictable utility prices, Central Hudson now claims electricity rates have declined by 55 percent in May. “Central Hudson’s residential price for electric supply has declined significantly from 13.6 cents per kilowatt hour in April to 6.12 cents per kilowatt hour, effective May 11,” according to a statement from the company. Natural gas prices also decreased from 97.1 cents per hundred-cubic-feet in April to 64 cents per hundred-cubic-feet in May, effective May 1. The fluctuating rates are due to volatility in the energy markets. “This, coupled with the potential of increased demand during the summer, could have an impact on electric supply prices in the coming months,” according to the company. The rise in supply prices for electricity and natural gas was due to a number of factors, including increased domestic demand due to a colder winter, constrained domestic pipeline capacity and increased global demand for natural gas. Central Hudson is currently the focus of an investigation by the state Department of Public Service into the company’s billing practices that have led to billing errors over the past few months, according to Ulster County Executive Pat Ryan, who requested the investigation. Hundreds of local residents filed complaints about billing after some utility customers saw their monthly bills increase by two- and three-fold in recent months. Read the full story at TheUpStater [dot] com.