Gas and electric will now cost more for some New Yorkers. This after Con Edison announced that it plans to increase its rates.
If a new agreement between state regulators, the utility and the city is approved, the increase would be in double digits and would be implemented over a three-year period.
The rate increases will be 12.5 percent for electricity for three years and a 20 percent increase for gas customers.
Con Edison says the rate increases are necessary to help the company switch from fossil fuels to clean energy.
In a statement, the company said…
“This customer investment will move New York away from fossil fuels, promote the use of electric heaters, energy efficient appliances, electric vehicle chargers, battery storage and more. This program will increase benefits for disadvantaged communities, ensuring that all of our customers can reap immediate and lasting benefits from New York’s historic shift to clean energy.”
The proposal will be submitted for public comment.
The Public Service Commission still needs to review the rate increase plan.
