New Yorkers are getting shocked again.
State utility regulators approved a 10.4% hike on Con Edison electric and gas bills over the next three years in the latest squeeze on residents’ wallets.
The first electric hike — effective Jan. 1 — will bump up bills 3.9%, meaning an extra $4 per month for the typical New York City customer who uses 280kWh per month.
The electric bill jumps another $3.55 or 3.3% next year and an additional $3.58 or 3.22% in 2028, according to the rates approved by the state Public Service Commission.
For a typical residential Westchester County electric customer using 425 kWh per month, bills will increase by $5.27 or 3.6% this year, $4.94 or 3.3% increase next year, and $4.95 or 3.2% in 2028. That’s an accumulated three-year increase of 10.1%.
Meanwhile, the residential gas bill for a typical heating customer using 100 therms per month will increase by $5.73 or 2.4% this year, $19.32 or 7.8% next year and $15.08 or 5.6% in 2028. That’s a cumulative increase of 15.8%.
PSC Chairman Rory Christian tried to justify the spike in bills, saying Con Ed needs the revenue to maintain and bolster capacity and keep the lights on.
He said “law, not politics” is the basis on which rate hikes are set.
The PSC declared victory because the final increase was significantly smaller than Con Ed’s initial request.
“The adopted joint proposal meets the legal requirement that the company continue to provide safe and adequate service at just and reasonable rates,” Christian said.
“The three-year rate plan is in the public interest. It is a forward-looking plan that benefits customers and includes provisions that further important state and Commission objectives, while keeping customer affordability first and foremost in mind.”
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Other commissioners defended their action before the unanimous 7-0 vote.
“It’s a considerable reduction. {The increase] is in line with inflation,” said Commissioner Denise Sheehan.
“On balance we have to do this,” said Commissioner James Alesi.
State taxes and property taxes combined account for about one-third of Con Ed’s costs.
The regulators said it’s city and state elected officials who impose those taxes and they can change the tax structure to provide relief.
