Con Ed, New York strike deal on rates


Consolidated Edison (ED) enters into an agreement with the New York State Public Service Commission regarding electric, gas, and steam rates. (8-K)

Ultimately, the deal freezes base electricity rates for two years and gas and steam rates for three years, CBS notes.

The company will also invest in energy grid improvements.

Gov. Cuomo comments: "New Yorkers deserve stable power rates and a reliable electric system that is clean and fortified to withstand and respond to the impacts of future extreme weather."

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Comments (3)
  • WZT
    , contributor
    Comments (126) | Send Message
     
    So let me see if I understand the NY/Cod Ed rate agreement Mr. Cuomo commented on. Con Ed will freeze base electric rates for two years and gas & steam rates for 3 years. Additionally they will have to invest their profits from the rate freezes in energy grid improvements. All at a time when we are entering into a time of instability in future extreme weather and the extra cost of "clean" aka "green" production costs. Can Cod Ed do this and at the same time deliver to it's shareholders?
    1 Jan 2014, 01:19 PM Reply Like
  • Elz4107
    , contributor
    Comments (483) | Send Message
     
    Gov. Cuomo, in his very finite wisdom, threatened to cancel Con Ed's' operating license because of outages from Hurricane Sandy. Guess Con Ed, in its very finite wisdom, felt it had no choice but to breach its fiduciary obligations to its shareholders by agreeing to this extortion. Looks like more very low dividend increases for the next few years.
    1 Jan 2014, 11:51 PM Reply Like
  • WZT
    , contributor
    Comments (126) | Send Message
     
    Con Ed should have called Mr. Cuomo's bluff. As a shareholder I would have supported the outcome and I am pretty sure I know who would be left holding the bag. I am getting a little disgusted with big government bullying our big businesses they way they are. One would think they want to destroy American capitalism as we know it today.
    6 Jan 2014, 10:36 PM Reply Like
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