"The state Public Service Commission on Thursday approved increases for Con Ed customers in New York, amounting to increases of about 9% for electric and about 6% for gas over three years. That amounts to about $4 per month more on the average New York City resident's electric bill. The typical gas bill will increase between about $5 to $19 monthly. The rate hikes will go into effect immediately."
""What the order represents today is a reaction to the world in which we live in, one that is characterized by increasing costs that are far beyond the cost of energy alone, food, housing and inflation are increasing at a rate far faster than wages," said PSC Chair Rory Christian, noting the outcome was the result of "managing these pressures." The utility company proposed raising customers' bills last year, sparking rebukes from Gov. Kathy Hochul and other elected officials."
New rates approved by the state Public Service Commission will raise Con Ed electric rates about 9% and gas about 6% over three years. The increases will affect 3.7 million electric customers and 1.1 million gas customers in New York City and Westchester County and take effect immediately. Average electric bills for New York City residents will rise about $4 per month; typical gas bills will increase between about $5 and $19 per month. Key drivers include higher property taxes and investments in the distribution system. The hikes will fund energy efficiency, affordability programs, IT upgrades, electric heat pump adoption and gas leak replacement. The rate change does not alter the wholesale power charge; Con Ed is allowed a return on distribution investments.
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