In year-end good news for the borough’s Consolidated Edison residential customers, a two-year electric delivery rate freeze, and a three-year gas and steam distribution rate freeze from Harlem to East Hampton, is set to go into effect Jan. 1, pending state Public Service Commission approval.
Gov. Andrew Cuomo announced the joint agreement with the utility giant on Tuesday.
The agreement also provides for $1 billion in utility investments in resiliency and system hardening; increases in gas-safety measures and leak-prone pipe replacements; expansion of the low-income program; and increased investment in and focus on oil-to-gas conversions, which will reduce polluting air emissions, according to the governor’s office.
“This is a clear victory for consumers and businesses, particularly those who suffered through power outages from Superstorm Sandy last year,” Cuomo said. “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. With this groundbreaking settlement, we have achieved both of these critical elements.”
Most commercial and industrial customer classes will see a rate decrease, the governor added.
Outgoing Mayor Michael Bloomberg welcomed the joint agreement as a settlement “that will keep money in the pockets of New Yorkers while also helping to protect the City from future storms.”
The joint proposal “will allow us to move ahead with our $1 billion investment plan to better protect New Yorkers from the next major storm,” and “support our continued investment across our electric, gas and steam services to address reliability, new business and oil to gas conversions,” Con Edison said in a statement.
The state Public Service Commission must approve the joint proposal, with its decision expected at the agency’s session on Feb. 20, according to the governor’s office.