Con Edison approved to raise rates

The News Leader

March 25, 2010 11:34:17 AM PDT
The state's Public Service Commission voted today to approve Con Edison's three year rate plan, which will increase rates 12% over three years. Con Edison customers in New York City will see their rates go up, on average, four percent a year for the next three years.

By the third year, rates will be up an average of 12%.

The average residential customer's $83.60 monthly bill up to $87.23 in the first year, $90.71 in the second and $94.11 in the third.

Westchester customers will see rates go up 4.2% a year for the next three years.

There is some good news, however.

Customers will also receive a proportional share of a $36.4 million one time credit this summer. The refund amount for an average customer will be about $5.35.

Additionally, they will also get future customer benefits totaling $54.7 million.

The new increase takes effect next month.

It is 22% lower than Con Ed requested last year. The utility said 23% of the rate hike will pay for higher property taxes, 7% for other taxes, and 17% for pension costs.