Angry New Yorker

Saturday, May 01, 2004
Ed. note - As the article highlightswe already pay the highest electrical rates in the country... maybe we should learn something from utilities in other parts of the country first, before jacking up rates by 9.2%.

Con Ed Applies for Rate Increases
Published: May 1, 2004

"Consolidated Edison asked the New York State Public Service Commission yesterday for permission to raise electrical rates by an average of about $5 per month for its commercial and residential customers.

An increase is needed, the utility said, to offset rising energy and equipment prices and to help pay for work on underground wiring, transformers and substations. The company is asking for an additional $550 million in revenues, which it said was necessary because of a 20 percent increase in electrical use in New York City and Westchester County over the last decade.

Joan S. Freilich, executive vice president and chief financial officer of Con Edison, said in a written statement that the increases would "make possible the system upgrades necessary to provide the reliable and safe delivery of electricity.'' [ed. note -- right, that's what you want it for, sure.]

Under the proposal, a typical residential customer paying $58.66 per month would see an increase of $5.40, or 9.2 percent. A typical small business paying $116.55 a month would see an increase of $5.04, or 4.3 percent. If granted, after a review process, new rates would take effect April 1, 2005. "

Read the entire article here.

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