Con Edison has asked the state for permission to raise gas and electric prices next year, citing the need to cover costs including system upgrades and renewable energy investments.
The utility company hopes to hike electric and gas bills by 11.2% and 18.2%, respectively, it said in a statement provided to NY1. That increase would amount to around $1.2 billion more in electric revenue and $500 million in gas revenue, the company said.
The price hikes would “vary by customer class,” the company said in a press release, noting in a separate document that its customer classes include residential units and commercial properties.
Con Edison said the hikes are needed so it can upgrade its gas and electric delivery systems. The company is also planning to invest more in renewable energy, including electric vehicles and clean heat.
In addition, the company would put some of the revenue toward moving “vulnerable overhead electric cables and other equipment” below ground to prevent storm-related outages, with a focus on “disadvantaged communities,” the release said.
“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. “That’s why we want to dramatically increase our energy efficiency incentives, make electric vehicle charging more convenient, and encourage heat pumps as an alternative to gas heating.”
The proposal is “designed to fund the investments necessary for a safe and reliable clean energy future… and our operating expenses, like local property taxes,” the company’s statement added.
In January 2020, the State Public Service Commission voted to allow Con Edison to raise electric prices by 13.5% and gas prices by 25%, in yearly increments, by this year.