Consolidated Edison rate request cut by NY Public Service Commission

The New York State Public Service Commission adopted the terms of an agreement for three-year electric and gas rate plans for Consolidated Edison (ED) that was either signed or not opposed by 17 parties in the proceeding. “The Commission’s action significantly reduces the company’s request for total electric delivery revenues by more than $1.37 billion (85 percent decrease from the initial request) in the first year. The adopted joint proposal delivers $156.5 million in total efficiency savings, defers non-essential capital projects, and supports energy affordability programs and protections for vulnerable customers,” the agency said in a statement. The joint proposal reduced Con Edison electric and gas rates by nearly 87% from what was initially proposed by the utility, it added. ” The approved rates for the next three years are limited to approximately the rate of inflation, while advancing safety, reliability, and climate goals,” according to the New York State Public Service Commission.