Con Edison seeks 11.6 percent rate hikePosted: Updated:
Power company Consolidated Edison Inc. saidFriday it is asking New York state regulators for a rate increasethat would mean a 11.6 percent average hike in customers'electricity bills effective next April.
Con Edison, which serves 3 million customers in New YorkCity and Westchester, said it expects the New York Public ServiceCommission to review the rate increase for up to a year.
The proposal, if approved by New York regulators, would boostresidential customers bills by about $12 a month for ahousehold with a $70 monthly power bill. Business customerswould be hit with a monthly increase of $235, for abusiness with a $2,200 monthly power bill.
Con Edison also said it's proposing measures to improve energyefficiency to curb rising power demand, which is expected to exceedsupply in New York City in less than 10 years.