Con Edison proposes new rate plan for 2023
Con Edison submitted a proposal to the New York State Public Service Commission to set new rates for its electric and gas customers in 2023.
The proposal reflects the company’s investments in clean energy, as well as infrastructure upgrades that will help keep customers in service during severe weather.
Specifically, Con Edison is seeking an additional $1.2 billion in revenue to upgrade its electric delivery system and $500 million to upgrade its gas system. Overall, customer electric bills would rise 11.2 percent while overall customer gas bills would increase 18.2 percent, with increases varying by customer class.
“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,” Matthew Ketschke, president of Con Edison, said. “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.”
This proposal calls for investments in energy efficiency, renewables, electric vehicles, and clean heat. It also seeks funding for investments in battery storage and new transmission lines to maximize the renewable energy New York State will add to its portfolio. The clean energy investments will save approximately 2.4 million metric tons of carbon dioxide over the next three years.
In addition, Con Edison is proposing investments to fund the continued replacement of gas mains with durable, high-density plastic piping.
To harden the infrastructure against storms, the proposal also includes placing certain vulnerable overhead electric cables and other equipment underground to prevent outages during severe storms.
“The improvements we have made to our systems reduce the number of customers who lose power during severe weather and enable us to more quickly restore service to those who do experience outages,” Ketschke said. “We want to continue with those investments because reliable, resilient energy service is uniquely important in our densely populated region that is home to the world’s financial capital, leading medical, educational, and cultural institutions, and entertainment venues.”
Con Edison — a subsidiary of Consolidated Edison — delivers electricity, natural gas, and steam to 3.5 million customers in New York City and Westchester County, N.Y.
