Gov. Cuomo is racing to the rescue of heavily burdened New York City electricity customers who face a massive and unexpected 12 percent rate hike next month, The Post has learned.

Cuomo will introduce legislation “within the next few days” permitting the city to guarantee permanent property-tax abatements to local electric-generating companies, removing the basis for a little-noticed Federal Energy Regulatory Commission decision that could hike electric rates by $500 million a year, aides to Cuomo said.

Aides to Mayor Bloomberg are working with Cuomo’s staff on the legislation, sources said.

“This is a common-sense fix for a problem that could cost New York rate-payers hundreds of millions of dollars per year,” said Cuomo spokesman Josh Vlasto.

“We believe that when this change is made and FERC is presented with this new information, there would be no reason not to reverse this [original FERC] decision,” Vlasto continued.

Cuomo’s proposal will narrowly focus on as-of-right property-tax abatements on power plants and not affect other industrial properties.

A Cuomo aide said the legislation should have no impact on the city’s fiscal picture since city officials had planned to provide generating companies with permanent tax abatements.

The massive looming rate hike, which the Post first revealed on April 1, set off a round of condemnations from top public officials including Bloomberg and Sen. Chuck Schumer, who urged FERC to reverse its decision.

Adding insult to the potential injury of the FERC-approved hike is a separately approved 4 percent Con Ed rate hike that kicked in on April 1.

(Source: NY Post)