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Energy Deregulation in New York
The New York electricity market was one of the first states to deregulate electricity and natural gas. Deregulation has been around since 1996 in NY, and the absence of a utility monopoly has led to supplier competition.
What does energy deregulation mean for you as a consumer? Because suppliers compete for your business, you get to choose the company that supplies your energy. This allows for innovation and new technologies to promote new services. Consumers benefit from deregulation because electricity prices are driven by competition in the marketplace. As your current supplier may not offer the lowest rate on the market for your renewal. There might be significant savings.
Choosing a supplier involves simply signing a contract for the type of rate you want and the requested start date. When it comes to committing to a new supplier, it’s helpful to understand New York electricity rates and have the best tools to compare suppliers. EnergyPricing.com is here to help. We make it easy to review the current market conditions and get started with the process. Our Energy Advisors are available to directly assist with any questions regarding your current agreement, deregulation and other items specific to energy supply in New York. You will have a direct point of contact throughout the Reverse Auction process to call or email. No call queues or ‘info’ email address to reach out to and receive an automated response.
New York Utilities
Suppliers provide the energy you consume and charges you a rate. The utility company is responsible for distribution. In New York, you can choose your supplier, but not your utility. You rely on your utility based on where your home or business is located in the state.
Utility companies handle all distribution and maintenance concerns. They act as your first point of contact if there’s an outage or power line problem near your building. Here is a list of electric utilities in New York and their contact numbers:
New York State Electric and Gas (NYSEG): 800-572-1111
Central Hudson Gas & Electric: 845-452-2700
ConEdison (ConEd): 800-752-6633
National Grid: 800-930-5003
Orange and Rockland: 877-434-4100
Rochester Gas and Electric (RG&E): 800-743-2110
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New York Electric Rate Plans
Your electric supply in New York will have a fixed rate or a variable rate, and you should decide which type works best for you.
Fixed rates stay the same for the entirety of your contract, and they’re based on the current market when you sign. If the market is low when you commit, fixed rates can be a smart move. They also give you budget certainty.
Variable rates fluctuate with the energy market. This type of rate can lead to higher prices some months but low prices during other months. This plan has a higher risk than a fixed rate, but it may lead to significant savings.
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Before You Sign Up with With An Energy Supplier in New York
Pump the breaks and let’s review the basics. Comparing New York electricity rates is not as simple as finding the lowest number and committing right away. You need to consider several factors about the type of rates, your usage and desired risk level before making any big commitments.
Contract End Dates
Before you sign any new contracts, you’ll also need to figure out when your current energy contract ends. If you commit to a new supplier before your existing agreement finishes, you’ll have to deal with early termination fees.
Plans typically come in 12-month, 24-month and 36-month contract lengths. There are other term options that can be beneficial to look at as well. For example, certain end months of the year may see a lower rate verses a traditional term. If you choose a fixed rate contract, be sure to consider how long you’re willing to commit to that price.
It Is In The Details
Comparing New York electricity rates is not as simple as finding the lowest number and committing right away. You need to consider several factors about the type of rates, your usage and desired risk level before making any big commitments.
NY Electricity 101
At the beginning of every deregulated shopping experience, there are three terms to familiarize yourself with before you sign up.
They provide you with the electricity you agree to purchase from them at a contracted rate and term. You can shop for a different supplier each time your contract comes up for renewal.
Utilities distribute the energy to your home or business via power lines and are responsible for maintaining those lines and ensuring the energy gets to you.
Consolidated and Dual Billing
When you receive a bill from the utility that includes your supplier charges, that is consolidated billing. If you receive a bill from the utility and one from the supplier, that is considered dual billing.
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