New York Regulators Approve Unprecedented ConEd Rate Hike

New York Regulators Approve Unprecedented ConEd Rate Hike

Staffers at the New York State Public Service Commission have signed off on ConEd’s plan to impose the largest rate hike in the company’s history. ConEd asked for $1.2 billion, but PSC staffers think the utility is entitled to only $618 million. New Yorkers already pay some of the highest electricity bills in the nation.

“This is all part of the sham that goes on with every rate hike request,” said Assemblyman Michael N. Gianaris, a Queens Democrat who sits on the Assembly’s power committee and who has criticized the utility for its response to the 2006 power failure in his borough. “Con Edison asks for more than it expects to get,” he said. “The P.S.C. rides in on its white horse and takes credit for slashing the request. But the end result is still what Con Edison wanted all along.”