(WNY News Now) – New York State Electric & Gas (NYSEG) has projected a 40 percent decrease in natural gas supply costs for the winter season, offering potential savings of around $120 for the average residential customer. While electricity supply costs are expected to remain consistent, NYSEG is actively promoting payment assistance and budget billing options for its customers, including the upcoming Home Energy Assistance Program (HEAP) opening on November 1.
Albany – New York State Electric & Gas (NYSEG) has delivered news for its customers as they anticipate lower winter heating bills this year. The utility company forecasts a substantial 40 percent reduction in natural gas supply costs, translating to an estimated $120 decrease in expenses for the average residential customer during the November to March period when compared to the previous year. While the cost of electric supply remains relatively unchanged, NYSEG projects an increase of approximately $30 for the average residential customer in electric supply service costs from December to March compared to the previous year.
Pat Fox, the senior director of Energy Services for NYSEG, explained, “The anticipated decrease in gas supply costs can be attributed to improved reserves within the U.S. and decreased demand for liquefied natural gas in Europe. Barring any extreme weather conditions, we expect natural gas costs to see a significant drop compared to last year.”
It’s important to note that NYSEG procures both natural gas and electricity supply on the open market and does not financially benefit from supply charges. These costs are merely a reflection of the actual expenses incurred in purchasing energy, such as natural gas and electricity, which are then passed on to customers.
Despite the positive outlook on supply costs, NYSEG acknowledges the challenges that winter heating bills can present to customers. To assist customers in managing their energy expenses, the company is actively promoting various payment options, offering guidance on budget billing, and providing energy-saving tips and energy efficiency programs. Furthermore, NYSEG is reminding customers of the upcoming Home Energy Assistance Program (HEAP), scheduled to open on November 1, 2023.
Christine Alexander, the VP of Customer Service for NYSEG and RG&E, emphasized the availability of support, saying, “We want our customers to know that help is always here for them when they need it. We encourage them to take steps to ensure they’re able to access the financial assistance that is available to them.”
HEAP, a federal grant program, is designed to aid eligible households in covering energy costs and weatherization. Benefits will be accessible through March 15, 2024, or until the available funds are depleted, whichever occurs first. Customers seeking additional information about HEAP can visit mybenefits.ny.gov or contact their local department of social services.