The New York State Public Service Commission today adopted a freeze on two-year electric rates and three-year natural gas and steam rates for Con Edison customers in New York City and Westchester County.
The decision was months in the making.
Gov. Andrew Cuomo announced in December that Con Ed would freeze rates instead of seeking an increase. The agreement requires Con Ed to improve the energy grid through a $1 billion investment over four years
Con Edison had requested an 8 percent increase on electric rates and a 2.5 percent increase on gas rates.
“This represents the best of two worlds,” Commission Chair Audrey Zibelman said in a statement.
“We are keeping average base delivery charges flat, while Con Edison will be making significant investments to improve grid resiliency and to improve service to all customers: electric, gas and steam. The improvements that will be made will yield significant benefits for many years to come.”