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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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Con Edison Requests Rate Increase from the Public Service Commission

February 19, 2019

Con Edison has filed a rate increase request with the New York State Public Service Commission (PSC) for both electricity and natural gas. If approved, customers could start to see the following increases in 2020:

  • Westchester: Electricity costs increasing 6%
  • New York City: Electricity costs increasing 4%
  • Westchester and New York City: Natural Gas costs increasing 11%

Con Edison says the rate increase would fund investments in clean energy and customer service, as well as large infrastructure improvements to their distribution systems.

The PSC has 11 months to approve or deny the increases, but historically they approved the increases that Con Edison sought in both 2014 and 2016. Stanwich Energy Advisors will keep you updated on the PSC’s response to the request.

Con Edison Requests Rate Increase from the Public Service Commission

February 19, 2019 Con Edison has filed a rate increase request with the New York State Public Service Commission (PSC) for both electricity and natural gas. If approved, customers could.

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NYISO Announces Updated Strategic Plan

February 5, 2019

 

In late January, the New York Independent System Operator (NYISO) announced its five year strategic plan outlining six target initiatives that will be focused on.

The six initiatives outlined by the NYISO include:

  • Grid Reliability and Resilience
  • Efficient Markets for a Grid in Transition
  • New Resource Integration Integration of Public Policy
  • Technology and Infrastructure Investment
  • Efficient and Flexible Business Model

Of note, the updated strategic plan includes the pricing of carbon emissions into the wholesale power market. This move could increase power prices by $10 to $15 per MWh in the coming years, according to Manan Ahuja, senior director of North America power modeling at S&P Global Platts Analytics.

With such a large potential increase, it could be a smart time to evaluate your options for locking in energy pricing. Please contact your Stanwich Account Manager or call 877-214-9066 to discuss these upcoming changes and what can be done to stay on top of your own strategic plan.

For more information, please refer directly to the NYISO’s published Strategic Plan for 2019 – 2023.

NYISO Announces Updated Strategic Plan

February 5, 2019   In late January, the New York Independent System Operator (NYISO) announced its five year strategic plan outlining six target initiatives that will be focused on. The.

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Welcome Sumeeta Sankar to the Stanwich team!

January 31, 2019

The Stanwich team is growing! Please welcome Sumeeta Sankar to our Operations division. Sumeeta will be helping to expand our reporting capabilities and improve the efficiency of our support services.

Sumeeta comes to Stanwich with three years of experience with energy supply companies as an analyst. She completed her undergraduate degree at Colgate University, and is currently pursuing her Master’s degree in Finance at Harvard University.

Sumeeta was born in the Caribbean and now lives in The Bronx, NY. She loves to travel (13 countries and counting!) and has studied renewable energy in Norway.

Welcome Sumeeta Sankar to the Stanwich team!

January 31, 2019 The Stanwich team is growing! Please welcome Sumeeta Sankar to our Operations division. Sumeeta will be helping to expand our reporting capabilities and improve the efficiency of.

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