As we have mentioned in our article about solar panels being an inflation hedge, just today another warning has been issued that the sharp rise in electricity prices in not a thing of the past, and that consumers in New York can expect further sharp rises in the months ahead.

New York Independent System Operator (NYISO) today attributed the future price increase to geopolitical tensions along with national and international economic conditions. NYISO stated:

The New York State bulk electric system is well positioned to meet this winter’s forecasted demand and maintain reliability throughout the season,” said Aaron Markham, Vice President of Operations for the New York ISO. “However, as we have been highlighting for over a year, national and international economic conditions are contributing to a spike in consumer bills.

NYISO went on to predict:

The NYISO is warning of a sharp rise in wholesale electricity prices expected this winter due to several economic and geopolitical factors that continue to impact the cost of natural gas used in the production of electricity.

As part of its effort to prepare consumers and policymakers for this winter, the NYISO released an updated white paper in September that explores the cost drivers behind commodity increases of the past year and predicts further commodity cost increases this winter.

Electrical prices are rising globally, and these price rises are not unique to New York and New England.

You can read the full press release from NYISO here.