New Yorkers Are In for 24% Heating Bill Increase This Winter

(Bloomberg) -- New Yorkers are in for a 24% increase in their heating bills this winter as a global natural gas shortage is sending prices for the fuel surging. 

Utility Consolidated Edison Inc. is warning New York customers they’ll pay $341 per month on average to heat their homes from November through March 2022, marking a $66 increase from last winter’s average monthly bill.

Natural gas futures in New York have more than doubled this year as a global shortage of the fuel is roiling economies from the U.K. to Asia. In the U.S., shale producers have been more focused on financial discipline that increasing gas production. 

ConEd expects the natural gas market to remain tight this winter but said it “has secured adequate supplies for its gas customers,” according to a statement Monday.

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