Con Ed rate hike approved

April 22, 2009 7:30:55 AM PDT
State regulators are letting Consolidated Edison raise electric rates for the second time in little more than a year, adding about $6 a month to the average New York City household's bill. State Public Service Commission Chairman Garry Brown says Tuesday's decision was difficult, but regulators had to address the utility's rising property tax, pension and other costs.

The 6.1-percent increase takes effect May 1. It will bring in $721 million in the next year, nearly $300 million less than the utility requested.

Con Ed says the decision slashes money that would go to maintaining the electric system.

But state Assembly Energy Committee Chairman Kevin Cahill says the PSC is giving Con Ed shareholders a generous return while average New Yorkers struggle.


NEW YORK AND TRI-STATE AREA NEWS

USEFUL LINKS:
  • VIEWER PHOTOS AND VIDEOS

  • REPORT TYPO

  • GET WIDGET

  • EYEWITNESS TWITTER

  • FIND US ON FACEBOOK



  • Load Comments