New York utility bills set to drop in 2013

While crews from National Grid were hard at work trying to get the power back on in parts of New York after Hurricane Sandy ripped through the state, the company made an announcement that will likely please its customers in the area.

According to the Albany Times Union, National Grid announced that most of the company's customers in the Capital Region will see lower utility rates in spring 2013 after regulators lower natural gas and delivery rates. This comes at a time when the prices of other essential items, such as gas, food and healthcare, continue to rise.

National Grid filed the request with the state Public Service Commission on Wednesday night, which outlined a plan to gradually increase revenues from upstate customers by $123 million in the next three years. Utility spokesman Steve Brady stated the next morning that exact examples of new rates had not yet been determined. He did say, however, that electric delivery rates for the bulk of customers have fallen 11 percent since January.

"So this proposal would continue a trend of lower delivery costs for most customers," he said.

Fortunately for many residents in New York, they have the option to shop around and choose the best electricity rates thanks to a law that passed in 1996 and allowed a deregulated electricity market.