Earlier this week, Consumer Energy Alliance released their latest report on “Pipelines and Their Benefits to New York,” examining how pipelines can save New Yorkers extra dollars on their energy bills, bring thousands of jobs to the state, and many more benefits.
Some highlights of the report include:
- Consumers and households in New York already pay 44 percent more for electricity than the national average – even though neighboring Pennsylvania has ample supplies of energy and pipeline infrastructure available to benefit New Yorkers.
- In January 2018, spot market prices in the New York City region jumped to a record high of $140.25 for natural gas, as compared to the average natural gas spot market price for New York in 2017 was $3.08. New Yorkers were subjected to prices that were $137 higher due to self-inflicted capacity constraints created by their own elected officials.
- In New York, natural gas alone provides nearly 46 percent of the state’s electricity needs. As the state continues to rely more and more on natural gas and building or expanding gas-fired power plants, that number is expected to rise to 56 percent of New York’s electric needs.
- 74 percent of energy generation for downstate residents is provided by fossil fuels – and natural gas is used by more than half of all New Yorkers to heat their homes.
- Natural gas is the foundational building block for the state’s manufacturing sector. New York had over 194,400 jobs that were tied to energy-intensive companies and made up nearly 55 percent of the state’s manufacturing sector.
As the New York Independent System Operator’s January 2018 report stated, New York be even more reliant on natural gas following Indian Point’s closure. It’s time to start looking forward at the many benefits that pipelines can bring to New York State as we transition to a new energy future.
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