The Newburgh Town Board members approved a resolution opposing Central Hudson’s increase to gas and electric during a regular Town Board meeting held on Monday.
Central Hudson announced a 19% increase in gas and a 46% increase in electric, which results in a combined 29% increase in gas and electric costs.
Central Hudson previously obtained approval from the NY Public Service Commission on July 1, 2021, resulting in a net increase in Central Hudson revenue of $47.2 million. Also, Central Hudson’s parent company Fortis Inc. declared a quarterly dividend of 42.4 cents per share of its common stock on Dec 1, 2021, representing a 7.34% increase over prior dividend. Moreover, the 4th quarter of 2021 showed a net earning of $328 million.
“The Town of Newburgh Town Board finds that such combined supply and delivery rate increases place an undue financial burden on residents and businesses alike. In this time of inflation, these increases will wreak havoc on families and businesses. Challenges faced by Town residents who live on limited or fixed income and families living paycheck to paycheck will be exacerbated,” the resolution stated.
It added, “The Town Board of the Town of Newburgh finds in its capacity as governing body of the Town does hereby oppose the announced supply price increases for natural gas and electricity delivered by Central Hudson Gas & Electric.”
This resolution will be sent to the Public Service Commission, Senator James Skoufis and Assemblyman Johathan Jacobson.