New York's summer average electrical prices expected to drop 3%

(Reuters) - The New York State Public Service Commission (NYPSC) on Thursday said that the average electricity prices for full-service residential customers are expected to be lower than last year contingent on location, demand, and market prices.

Customers can expect a statewide average supply cost of $207.88 this summer, down nearly 3% from $231.95 previous year, NYPSC added.

NYPSC said peak summer demand for electricity continues to decline due to energy efficiency initiatives.

Commission said the peak forecasts in the upcoming years remain stable due to energy efficiency and system improvements. By 2034, the peak demand is expected to decrease by 6,436 MW.

The commission said this summer, peak demand is forecast to be at 31,541 megawatt(MW), slightly higher than the prior year's actual peak of 30,206 MW.

"The installed generating capacity for 2024 totals 36,990 MW, combining the installed generation capacity with other resources provides New York with a total of 40,733 MW worth of capacity resources for 2024, well above the expected need"

"We will continue making investments in energy efficiency and the clean-energy grid that will help us all combat climate change and further stabilize energy prices long term," said Commission Chair Rory M. Christian.

Extreme heat and rising electricity demand are expected to drive up power prices in Texas this summer, while the rest of the U.S. power markets are broadly pricing lower, according to analysts and data last week.

(Reporting by Anushree Mukherjee in Bengaluru; Editing by Aurora Ellis)