Statement by New Yorkers for Affordable Energy on the impact of recent cold weather

Contact: Zack Hutchins (518.465.7511 ext. 238)
For Immediate Release: January 2, 2018

ALBANY, N.Y. – “The recent string of cold weather throughout the northeast has resulted in a tripling of spot gas prices and power prices surging 47 percent to $245.89 a megawatt-hour, the highest for that period since January 2016. The arctic chill highlights the importance of natural gas capacity in helping our state meet its energy needs. Our state’s utilities, midstream gas companies, electric generators, and energy service companies have taken steps to blunt the impact of weather-related price spikes by encouraging conservation, maintaining current energy infrastructure, aggressively investing in new infrastructure, deploying demand response programs, supporting a diversity of fuels, and offering customers predictable fixed rates. But, supply concerns and the lack of needed infrastructure approvals are straining the system. As the state continues its push toward a greener future, we remind our leaders that investing in natural gas development is among the best ways to ensure our environment is protected and our state’s residents and businesses have the energy they need at a price they can afford.”

– The statement may be attributed to the New Yorkers for Affordable Energy coalition