Residential customers can anticipate a utility rate freeze for the next two to three years starting Jan. 1.
Con Edison of New York Inc. recently agreed to lock its electric delivery rate for two years and lock its gas and steam distribution rate for three years. A settlement proposal is pending approval by the state Public Service Commission, the agency responsible for regulating various utilities.
The agreement, signed by parties including the Department of Public Service staff, the city of New York and environmental and consumer groups, recommends spending $1 billion to strengthen the resiliency of the energy grid, improve energy efficiency, and accelerate the transition to a cleaner, more distributed energy system.
The settlement also aims to increase gas safety measures and support studies to reduce the amount of greenhouses gases emitted into the atmosphere. The fund would seek ways to use cleaner fuels and new technologies and explore oil-to-gas conversions that help reduce air pollution. The agreement would create a process to fund other approved storm hardening and resiliency proposals.
After the joint proposal is issued by the commission for public comment, it will undergo a hearing with an anticipated decision to be reached at its Feb. 20 session.
