Con Ed pushes for first energy price increase since 2012

Utility has been looking to increase efficiency in New York City

By: Bloomberg News|

New York City-area electric customers would see the overall average bill rise 4.5% under Consolidated Edison Inc.’s first proposed rate increase since 2012, part of a plan to boost revenue by $482 million, the utility said Friday.

The average gas customer would see an 8.2% increase, boosting gas delivery revenue $154 million, the company said.

The proposals come as the utility pushes energy efficiency efforts to conserve power use in electricity-hungry New York City. Among other things, Con Ed has launched a program in parts of Brooklyn and Queens that seeks to defer a $1 billion substation in favor of a $200 million program installing new energy-efficiency systems in homes and businesses, as well as utility-scale battery storage.

The proposals, if approved by regulators, would take effect Jan. 1, 2017, and fund infrastructure investments. The company also plans pilot programs testing residential methane detectors, according to the statement.

According to Con Ed, a typical New York City residential customer using 300 kilowatt-hours of electricity per month would see a bill increase from $78.52 per month to $82.63 per month. A typical residential customer using natural gas for heating would see an average monthly bill increase from $142.31 to $153.30.

Con Ed pushes for first energy price increase since 2012