Con Edison customers may soon see a price hike for gas and electricity — if a proposal before New York state’s utility regulatory body is approved in the coming months.
between Con Ed, the state, New York City and other parties would phase in increases for electricity rates by roughly 12% over the course of three years. Rates for gas would also increase in phases and jump by about 20% in the same time period.
The rates and the proposal are subject to a public comment period and final approval from the Public Service Commission, which regulates the state's gas and electric utilities, among others. The PSC could make a decision in the second quarter of 2023. Under the agreement, the new rates could go into effect as early as June 1.
James Denn, a spokesperson for the state Department of Public Service, said the agreement “dramatically reduces Con Edison’s original rate request.” The company had originally sought a $1.2 billion electricity rate increase in a single year, and a gas rate increase of over $500 million. The rate hikes, which must be approved by the PSC, apply only to the transmission charge for gas and electricity. This is just part of the total price on the bill a customer receives, which can be influenced by factors such as weather, demand and global events that can affect the energy sector, like the Russian invasion of Ukraine.
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