NEW YORK (1010 WINS) — Con Edison and the New York State Public Service Commission revealed a joint proposal to raise gas and electricity prices in New York City and Westchester.
Electric bill would increase 4.2% in 2023, 4% in 2024 and 3.8% in 2025, if the proposal is approved by a commission vote. Gas prices in Manhattan, the Bronx, parts of Queens and Westchester would increase by about 6.7% this year, 6.3% in 2024 and 5.9% in 2025.
The proposal is the result of months of negotiation between the utility company and the state.
The exact cost of rates will heavily depend on the market price of electricity and natural gas. The rate increase would go toward the delivery fee, which is regulated by the state and goes toward maintaining power and gas lines, but a portion of power bills is determined by the cost of electricity and gas.
Con Ed acts as a middle man for electricity producers and gas companies. Those resources are sold without a markup. The proposed rate increase would impact only the delivery fee.
When separated from the estimated market price cost, the hikes represent a delivery fee increase of 19.8% over three years for electricity and 31.3% for gas.
Related
Related
Related
