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ISO New England’s Capacity Market Closes at Historical Low

February 10, 2020

Last week, ISO-NE’s capacity market closed at $2.00/kW-month, which is down dramatically from the $3.80/kW-month that was seen a year ago. This closing price is the lowest that has been seen in the 14 years of the Forward Capacity Market auction program.

Monday’s auction resulted in a commitment of 33,956 MW of energy capacity, out of the total participation of 42,219 MW. These commitments will be available in 2023-2024.

Finalized auction results will be filed by ISO-NE to the Federal Energy Regulatory Commission by the end of the month.

For more information, see the ISO-NE details here.

 

ISO New England’s Capacity Market Closes at Historical Low

February 10, 2020 Last week, ISO-NE’s capacity market closed at $2.00/kW-month, which is down dramatically from the $3.80/kW-month that was seen a year ago. This closing price is the lowest.

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Public Service Commission Approves Rate Increase for Con Edison Customers

January 20, 2020

The New York State Public Service Commission (PSC) has approved Con Edison’s request for a rate increase on both electricity and natural gas, but at lower increases than Con Edison originally applied for. The three-year rate change will have large commercial customers seeing the following increases in their delivery costs.

  • 2020: 2.4% increase
  • 2021: 6.5% increase
  • 2022: 5.6% increase

The rate increase will be primarily used for two purposes. First, it will fund investments in system-wide resiliency projects that aim to deal with more frequent extreme weather events. Second, it will be used to build infrastructure that helps transition the grid away from fossil-fuels and toward renewable sources. Con Edison says that this increase is essential for helping New York State’s Reforming the Energy Vision (REV) plan.

For additional information on how this increase will affect your properties specifically, please reach out to your dedicated Stanwich Energy Advisor.

For additional details on the rate increase, please see the official PSC approval here.

Public Service Commission Approves Rate Increase for Con Edison Customers

January 20, 2020 The New York State Public Service Commission (PSC) has approved Con Edison’s request for a rate increase on both electricity and natural gas, but at lower increases.

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PSE&G, Penelec, Met-Ed Announce NITS Increase

November 4, 2019

PSE&G, Penelec, and Met-Ed have announced their new NITS rates for January 2020, with significant increases.  PSE&G NITS prices are increasing 31%, while Penelec and Met-Ed increased 29%.

PSE&G’s NITS rate will jump to $156,503.24 per MW/year, and the rate will go into effect in January 2020.

The impact of this NITS rate escalation is significant. While the exact increase will vary by customer, we are expecting the increase in cost to range from $.005 to $.01 per kWh).

The Network Integration Transmission Service (NITS) charge refers to PJM’s transmission rates that are regulated by the Federal Energy Regulatory Commission (FERC) and will apply market-wide to all retail electricity suppliers, including default service suppliers.

In nearly all deregulated energy markets, these charges are typically included on an all-in fixed supply contract.  If there is an increase in NITS charges, suppliers are required by FERC to pass that cost onto the customer, as it must be remitted back to the governing body.  All supply contracts have a change-in-law / regulation clause which describes this pass-through.

For more information, please review the links below and reach out to Stanwich Energy Advisors to discuss additional details.

 

Current Rates

PSE&G New Rates

Penelec and Met-Ed New Rates

PSE&G, Penelec, Met-Ed Announce NITS Increase

November 4, 2019 PSE&G, Penelec, and Met-Ed have announced their new NITS rates for January 2020, with significant increases.  PSE&G NITS prices are increasing 31%, while Penelec and Met-Ed increased.

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Repeal of NY Sales Tax Exemption Takes Effect

June 1, 2019

Governor Cuomo’s repeal of the sales tax exemption on all electricity and natural gas customers who purchase their energy from a third party energy company has taken effect today.

On electricity and natural gas bills today and in the future, customers will notice a change that will increase the delivery portion of customers’ utility bills by 4.375% in New York City. In certain areas of upstate New York, that increase could be as high as 11.375%.

This repeal was included in the New York State budget that was approved in March of this year. For additional information, please see the full details of the budget here.

Repeal of NY Sales Tax Exemption Takes Effect

June 1, 2019 Governor Cuomo’s repeal of the sales tax exemption on all electricity and natural gas customers who purchase their energy from a third party energy company has taken.

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New York City Passes a “Green New Deal”

May 19, 2019

On May 18, 2019, the New York City Council passed Local Law 97, which sets limits for carbon emissions on all buildings larger than 25,000 square feet.

While the council has stated that additional details have yet to be published, there are a few things that building owners and managers should be aware of:

  • Beginning in 2024, the city will issue yearly fines for buildings that have carbon emissions exceeding the published limits.
    • From 2024-2029, the fines will go out to buildings that would be in the bottom 20% of emissions according to the baseline year’s numbers.
    • From 2030-2034, the fines will go out to buildings that would be in the bottom 75% of emissions according to the baseline year’s numbers.
  • The carbon emission measurements are taken from the data submitted annually for Local Law 84.
  • Fines have the potential for being large.
    • Building owners will be fined $268 for each metric ton of carbon that exceeds the limit, with additional fines for failing to submit a report or submitting a falsified report.

Please reach out to your Stanwich Energy Advisor for help determining how your specific building will be impacted by Local Law 97. To read more about the law, please refer to Local Law 97 that has been published by the City.

 

New York City Passes a “Green New Deal”

May 19, 2019 On May 18, 2019, the New York City Council passed Local Law 97, which sets limits for carbon emissions on all buildings larger than 25,000 square feet..

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Repeal of NY Sales Tax Exemption to Hit Customers in June 2019

April 1, 2019

Governor Cuomo’s newly approved budget includes a straight repeal of the sales tax exemption that currently applies to all electricity and natural gas customers who purchase their energy from a third party energy company.

The budget, which has been passed by both houses, amends section 1105 of the tax law to declare that sales taxes will apply to “the transportation, transmission or distribution of gas or electricity, even if sold separately.”

Taking effect June 1, 2019, this change will increase the delivery portion of customers’ utility bills by 4.375% in New York City all the way up to an 11.375% increase in certain areas of upstate New York.

For additional information, please see the full details of the budget here.

Repeal of NY Sales Tax Exemption to Hit Customers in June 2019

April 1, 2019 Governor Cuomo’s newly approved budget includes a straight repeal of the sales tax exemption that currently applies to all electricity and natural gas customers who purchase their.

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