ConEd customers are crying foul as energy bills double, in another layer of inflation nation.
"Natural gas is a driver of electricity costs as it is used by generation plants to create electricity. Con Edison does not make a profit on the commodity," Drury said in a statement to FOX Business. "We buy the energy on the wholesale market and provide it to customers at the same price we paid." The company has roughly 3.5 million electric customers and 1.1 million natural gas customers.
In December, the supply cost for the energy commodity – the cost of the electricity itself – was $22.81 while the cost to deliver that energy to a household was $59.99, according to Drury. Gas bills for any household were also up, about 19.2%, in January, including taxes and fees, Drury said. The company alerted customers in November that their bills were likely to increase as the cost of energy rises due to supply costs. At the time, ConEd said it tries to offset any increases in the cost of supply by using a "variety of buying methods and hedges, including short-term and long-term contracts."
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