Rate Hikes by Con Ed are Just the Beginning

C.G. Hoffman

New York residents may face an unpleasant surprise when they receive their electricity bills. Con Edison has recently increased their electricity billing rates by more than 9%, and gas rates have gone up by more than 8%. This is the first of three planned increases between now and 2025.

The average New York residential customer, who uses about 600 kilowatt hours (kWh) of electricity per month can expect to see increases on their bills of:

9.1% or $14.44 in August

4.2% or $7.20 this coming January

1.4% or $2.43 starting in January 2025

Con Edison claims the rate hikes are necessary to pay for upgrades, including efforts to meet New York climate laws. The Public Service Commission has stated that they have negotiated for a far better rate than originally proposed by Con Ed, cutting their initial request by 60%.

The Commission approved of the rate hike, despite more than half of the New York City Council expressing concern about a lack of commitment on the part of Con Ed to directly reach out to customers about energy affordability programs. More than 1.2 million utility consumers statewide were behind on their bills, owing $1.8 billion.