ConEd To Raise Electric Rates 12.6% Over 3 Years

As the slumbering economy forces more people to think of ways to save money, the basic costs of living continue to increase. Case in point: Con Edison is set to jack up rates for electricity to millions of customers in the New York City metro area.

Starting next month, Con-Ed will begin to incrementally raise their rates on electricity by a total of 12.6% over the next three years. In the first year, they calculate the average monthly bill will increase from $83.60 to $87.23. That number would then rise to $90.71 and $94.11 in the two subsequent years.

“A record number of New Yorkers can’t pay their electricity bills as it is today, much less with this increase,” said Garry Brown of the NY State Public Service Commission, which took part in the negotiations for these rates. ConEd had initially proposed a rate hike 40% higher than the one announced yesterday.

Said the company in a statement, “The new three year electric delivery rate plan provides long-term rate certainty for customers, and provides funding for Con Edison to continue investments needed to maintain system readiness and operating reliability.”

In better news: On their August electic bills, ConEd customers will each receive a one-time refund, averaging around $5.35. So feel free to run that air-conditioner an extra few minutes…

What a shock! Con Edison to jack up rates 12.6% over next three years [NY Daily News]