There is hope for New Yorkers about to get blasted with shocking electric-bill hikes.

Federal regulators are willing to reconsider a hefty $500 million award to power generators that would add up to 12 percent to city residents’ electric bills, Democratic Sen. Charles Schumer told The Post yesterday.

Schumer spoke Friday with Jon Wellinghoff, chairman of the Federal Energy Regulatory Commission, which earlier this year gave generating firms the whopping windfall.

“I told him how upset we were about FERC’s decision, and how we thought they left out some very key information, and about how we wanted a rehearing,” Schumer said. “He said there will definitely be a rehearing.”

Wellinghoff promised if he hears new information on the issue, “He’s not averse to changing his vote,” Schumer said.

“I’m going to fight this tooth and nail,” the senator said. “I think it’s really unjust for ratepayers in New York and bad for business and job growth.”

As it stands now, the $500 million yearly rate boost kicks in May 28 and continues for three years.

Mayor Bloomberg and Schumer have already filed letters with FERC complaining about the decision. They estimate that in the summer months, the $500 million ruling will boost residential electric bills by 10 to 12 percent, and businesses’ bills by 14 percent.

Even Con Ed has joined the fight against the increase. Con Ed gains nothing from the FERC ruling, since it passes on generator costs to customers.

(Source: NY Post)