***Update: PSC Approves New Rates For Con Edison***

For a copy of the Press Release, click here.

The Commission’s decision may be obtained by going to the Commission’s Web site. Many libraries offer free Internet access. Commission orders may also be obtained from the Commission’s Files Office, 14th floor, Three Empire State Plaza, Albany, NY 12223 (518-474-2500).

Background

On January 25, 2013, Consolidated Edison Company of New York, Inc. (Con Edison) filed a request with the New York State Public Service Commission (Commission) for approval of a major change in the amount of revenues it collects from customers through the rates they pay for electric, gas and steam delivery service.

Summary of Company’s Request

Con Edison proposes to increase its electric service rates and charges by approximately $419.9 million, its gas service rates and charges by approximately $24.3 million, and its steam service rates and charges by approximately $10.2 million, for the 12-month period beginning January 1, 2014.  The proposed revenue increases equate to 8 percent, 2.5 percent and 2.3 percent increases respectively in electric, gas and steam delivery revenues.  Overall electric, gas and steam customer bills would increase respectively by 3.7 percent, 1.3 percent, and 1.6 percent.  Con Edison identifies the main causes of its requests to increase delivery service revenues to be increases in planned infrastructure investments, pension and healthcare costs, cost of capital, depreciation costs, and operating expenses.

Under New York State Law, the Commission must consider a utility's proposal and may adopt or reject it in whole or in part, or adopt changes not proposed by the Company.  Administrative Law Judges are presiding over the gathering of public comments and all evidence relating to the proposal. 

Department of Public Service (DPS) Staff and other parties have evaluated the facts and circumstances of Con Edison's requests and made their own proposals to the Commission that the revenues to be collected from customers should be substantially lower than the level of revenues requested by Con Edison.

Public Comments

Public Statement Hearings were held on October 9, 2013 at the NYS Public Service Commission's 90 Church Street offices and on October 10, 2013 at Yonkers Public Library, Riverfront Library Branch.  Comments submitted in writing, via the internet, or the toll-free Opinion Line, were requested by October 11, 2013.

All statements transcribed at the public statement hearing and all other comments received by the Commission became part of the record, and will be reported to the Commission for its consideration.  All such comments are posted for public viewing on the Commission’s website, at www.dps.ny.gov.

For more information or a copy of the case fact sheet, click here.