Con Edison customers may soon see a decline in their electric bills. The New York Post said this spring’s 2.5 percent rate bump will remain in place until at least next April.
That, combined with lower costs from companies that generate electricity for Con Ed, means New Yorkers may see a drop in their electric bills.
The utility could petition the Public Service Commission for a rate hike at any time but it takes about a year for the state to approve an increase.
The Post reports Con Ed told the commission last year it was generating enough cash to stay healthy through April 2014.
(Source: NY1)
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This is happening nationally and is related to Natural Gas from Shale formations entering the market. “Fortunately” the leading Democrats (Obama, Cuomo, etc.) are hard at work trying to block development of shale formations, so “hopefully” energy costs will rise. “Heaven” (as if the Democrats believe in such) forbid that the US should have lower energy prices and be an exporter of energy to other countries!
While the crash in natural gas prices has lowered the cost of electricity that ConEd must purchase for its customers (these prices are a flow through item on which it doesn’t make a profit), the costs of maintaining and upgrading the power lines and distribution system is rising and those costs are what are driving rate increases.