Con Ed Asking for Significant Rate Increases Effective Next Month

New York – New York residents may be paying more for gas and electricity next month if Con Edison gets its way.

The largest energy provider in New York has requested permission from the state’s Public Service Commission to raise electricity rates by 4.2 percent this coming year, by 4.7 percent for the following year, and 4 percent for 2022. This would equal a 13 percent hike over the three years.

The company also wants to raise gas rates at an even steeper pace. It wants approval for a 7.5 percent bump next year, 8.8 percent the following year, and 7.2 percent after that. This means that gas customers would be paying 25 percent more after the three years are up.

If approved, the rate hike goes into effect Jan. 1.

The company says it will hold a public hearing about the proposed rate changes this Wednesday evening, at 6 p.m., at the SUNY Global Center in Manhattan.