This summer could see New York City residents running out of cool air – and money.
Con Edison, the dominant electric company in the Big Apple, is urging the state Public Service Commission to vote in favor of contentious proposals to increase power prices by several percentage points year until 2025. If Albany approves a 3.8% increase, as ConEd suggested in February, a monthly power bill of $83.50 last year would go to $87 this year.
If a home uses 300 kilowatt hours per month, or approximately half of what an average American household uses, the cost would increase to more than $90 net year and over $94 by 2025.
ConEd contends that these hikes are required to sustain service levels and infrastructure while the state energy industry goes through significant changes, including a reduction in the state’s reliance on fossil fuels.
Reached by the New York Post, Commission spokesman James Denn commented that “No decision has been made regarding Con Edison’s rates. A rate case decision is expected later this year.”.
“The PSC is in the midst of an extensive top-to-bottom review of Con Edison, its finances, and its customer service procedures. Members of the public and public officials are strongly encouraged to continue submitting their comments, which are accepted up to a final Commission decision,” he said.
In the meantime, prices for natural gas are also rising; only last month, National Grid proposed a 17% rate increase.
