Con Ed Asks for Rate Hike
Con Edison says it wants to collect just under $400 million in rate increases next year. Con Ed officials say some of the extra funds from ratepayers in New York City and Westchester County would go toward long-term protection against disasters like Superstorm Sandy.
In a filing with New York State, the utility says the requested increase would raise electric bills by an average of 3.3 percent in 2014. Gas bills would go up 1.3 percent. The increase is subject to Public Service Commission approval. The company wants to invest $1 billion in storm protection over the next four years. Measures would include building flood walls around low-lying facilities and moving some overhead wires underground to limit outages. Spokesman Mike Clendenin said Con Ed suffered $350 million to $450 million in damage from Sandy.
Copyright 2013 The Associated Press.