Con Ed Plans Rate Hikes Over Three Years

Con Edison won approval from the Public Service Commission, the state agency that oversees utilities, to rise its rates 12% over three years. The NY Times reports, "Con Ed estimated that the increases would raise a typical household bill, now about $84 a month, to more than $94 a month in 2012." This first hike will take effect next month, and the average household's monthly bill will go up by $3.63 (the rates are a little higher in Westchester and a little lower for businesses).

Apparently the rate hike is 40% lower than what Con Ed previously requested—PSC chairman Garry Brown said, "A record number of New Yorkers can't pay their electricity bills as it is today, much less with this increase." Well, Con Ed does charge the highest residential rates, save for areas in Alaska and Hawaii.

The rate hike is expected to bring Con Ed $420 million over the next three years. The utility says that about half of the hike is due to higher property taxes, other taxes, and pension costs; the other half is needed to invest in operations. Still, one resident fumed to WCBS 2, "That's what happens when you have a monopoly."

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By Jen Chung in News on March 26, 2010 1:03 PM

Comments [rss]

RightNYer

This is what happens when you let unions run hog wild for many years. And it's a big coincidence that the unions run wild most in liberal states and also that the unions are huge contributors to the Democratic Party. Or is it?

mo

My electric billis up to $90+ dollars already .I don't have much stuff in my apartment,install these damn CFL bulbs . unplug kitchen electronics when not used, have a small fridge ,got rid of the old CRT tube tv for a small flat screen lcd screen .it not even summer yet with the fans or a/c its going to be $120-130 a month .I guess no a/c this summer too expensive for me.

what does Con Ed and the city want to drive people out in droves. where is the mayor , city council or public advocate to help us out .Oh con Eds excuse is our lines are under ground . the burbs get more damage in these storms with the lines outside and are paying less than us take LIPA they actally reduced there rates for customers .

ASSTACKLER

Let's hear it for regressive taxation of services that only matter to lower and middle income folks who have no choice in the matter.

ds20

Well, at least we're getting better electricity. Wait...no we're not.

drewo

The utility says that about half of the hike is due to higher property taxes... and pension costs

Pensions costs (MTA, Con Ed) will doom us all. (except for those lucky few receiving these pensions!)

whitecastlerock

What a great fucking week to live in New York City. MTA service cuts with looming fare hikes, Con Ed rate hikes, and the City Council giving themselves raises. What a town...

mercury793

I am so happy that I am leaving New York this summer, never to return.

I have lived here all my life, and now enough is enough.

Take your high taxes, high cost of living, noise, crowds, and stuff it.

I am outta here.

HOORAY!!!!!!!!!!!!!!!!!!

BDS=(Boycott.Divest.Sanction)

I'm curious where you're going, but its better if you find a nice place, not to tell anyone or else they will come and ruin it for you. Bon voyage.

Splicer

Let's see...my transportation costs are up and getting higher, food costs more every day and now electricity will cost more as well. Oddly, though, my salary stays the same. I can tighten my belt only so much before there is nothing left to cut.