The increasing costs of NY’s ambitious climate law are burdening ratepayers

National Grid, a major utility company, is requesting significant double-digit increases in electric and gas rates upstate. This highlights the impact of New York’s Climate Leadership and Community Protection Act, which was signed into law by former Governor Andrew Cuomo in 2019.

These proposed rate hikes, the highest in 35 years by the utility, are coming at a time when there are concerns about potential blackouts this summer.

Last May, National Grid put forward a substantial 17% increase for customers in New York City, citing the state’s climate goals and inflation. Now, the company is looking to raise electric and gas prices by 15% and 20% respectively for upstate customers.

Collectively, National Grid and other utilities in the state requested over a billion dollars in rate increases last year to finance mandated climate-related upgrades.

While politicians may try to stagger the increases to lessen the impact on consumers, the reality is that bills will continue to rise substantially due to these climate initiatives.

Furthermore, the climate law imposes no limits on how much residents can be charged to meet its targets.

The law requires New York to source 70% of its power from renewable energy by 2030 and 100% by 2040, while also reducing CO2 emissions by 40% by 2030 and 85% by 2050.

Despite the state being far from achieving these goals, it is expected to spend billions of dollars, funded by taxpayer money and utility bills, in an attempt to reach them. This is happening amidst concerns of impending blackouts this summer due to these policies.

Governor Hochul recently halted Cuomo’s congestion pricing plan. It begs the question of when she and other state leaders will acknowledge the flawed energy policies of the previous governor.