New York state panel freezes ConEd electric, gas rates

|By:, SA News Editor

The New York state Public Service Commission votes to freeze Consolidated Edison's (ED) electricity rates for two years and natural gas rates for the next three years.

The freeze covers the charges consumers pay for the delivery of electricity and gas - it does not cover the actual price of the commodities, which aren't regulated by the state - so the supply portions of consumers' bills will vary according to the market prices for natural gas and electricity generation.

ED did not get the rate increases it sought, but it wasn't strapped with rate cuts consumer advocates wanted; ED says the new plan will allow it to move ahead with $1B in infrastructure upgrades.