Con Edison to Raise Electric Rate in 2017
National Grid gas customers in New York City face big rate hikes in January 2017 under a plan the company submitted January 29 to the New York State Public Service Commission.
Con Edison said the proposed hikes would "fund infrastructure investments that will give customers greater control over their electric usage and bills, improve service reliability, and help integrate new clean energy technologies into the grid," as well as speed up its gas main replacement program.
The letter below from NYECC explains the rate increase in more detail.
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To all NYECC Members:
On January 29, 2016, Con Edison filed a one year electric rate case and a one year gas rate case with the New York State Public Service Commission for an increase in customers’ electric and gas rates, effective January 1, 2017. Con Edison has also included increases in the annual revenue requirement for an additional two rate years in the financial portion of the filing as follows:
Electric – Revenue Requirement Increases
RY1 (2016) - $482.0M
RY2 (2017) - $180.17M
RY3 (2018) - $141.36M
As these annual increases are cumulative, the total proposed electric revenue requirement increase over the three year period ending December 31, 2019 is approximately $1.95 Billion.
The RY1 increase would result in an approximate 9.5% increase on electric delivery rates for customers. Actual increases in rates will vary based upon each customer’s service class and load profile.
Gas – Revenue Requirement Increases
RY1 (2016) - $154.00M
RY2 (2017) - $ 97.14M
RY3 (2018) - $108.89M
The proposed increases for gas are cumulatively approximately $765 Million over the three year period ending December 31, 2019. The RY1 increase would result in an approximate 13.4% increase in gas delivery rates, depending on service class and load profile.
As always, the NYECC will be advocating on your behalf in these proceedings. We will keep you apprised as the rate case proceeding develops.
Regards,
Diana Sweeney | Executive Director
New York Energy Consumers Council, Inc.
BOMA/NY
http://www.bomany.org/