Energy price inflation is hitting home in New York, where electricity rates have shocked residents opening their utility bills.
For January, the bill for an New York City residence using 300 kilowatt-hours of electricity was $123.65 versus $82.80 in December, a 50 per cent increase, according to Con Edison, the local utility company. Spot market prices dropped from January to February but were still on average 79 per cent higher year over year, according to S&P Global.
New York is experiencing some of the most dramatic increases in a broad national rise in retail electricity prices, driven by a rebound in demand and an increase in the cost of natural gas burnt at power stations. The price of power is helping feed US consumer price inflation that is the highest in 40 years.