NEW YORK (1010 WINS) -- Con Edison is proposing rate hikes that would increase New Yorker’s electric bill by 11.2% and gas bill by 18.2%, according to a statement from the company.
The utility provider is hoping to raise $1.2 billion in revenue in order to upgrade the electric grid in NYC and Westchester and an additional $500 million to upgrade gas delivery systems.
If approved by the New York Public Service Commission, the increase would take effect in 2023. The approval process could take up to a year.
Con Edison intends to use the funds to integrate solar and wind power in order to meet the growing demand for electricity generated by electric vehicles.
"Con Edison is in a unique position to lead the transition to a clean energy future with better public health, a vibrant economy and more equality of opportunity for all," Con Edison President Matthew Ketschke said in a statement.
The increased revenue would also go toward moving wires underground to prevent damage during storms and improving gas manes to bolster safety and reduce leaks.
U.S. Rep. Tom Suozzi, who represents the 3rd district on Long Island, criticized the proposal in a letter to the New York Post for forgoing federal support and leaving the cost entirely on the shoulders of New Yorkers. He also disagreed with implementing a one year rate hike as opposed to a more drawn out increase that would give New Yorkers time to adjust their finances.
New York City Councilman Kalman Yeger Tweeted his support for Suozzi’s position.
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