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The utility company - which supplies gas, electric, and steam to more than 3.5 million New York residents and businesses - announced that beginning in 2023, it plans to increase its electric bills by more than 11 percent, and gas by at least 18 percent.
According to Con Ed, the increase is required to fund “investments in clean energy, as well as infrastructure upgrades that will help keep customers in service during severe weather.”
The company said it will ask customers to pay more so that it could use an additional $1.2 billion in revenue to upgrade its electric delivery system and $500 million more to improve its gas distribution.
Moving forward, Con Ed will require the approval of the New York State Public Service Commission (PSC) before putting the price hike in place. The PSC voted in January 2020 to allow Con Ed to raise electric prices by 13.5 percent and gas prices by 25 percent.
“Con Edison is in a unique position to lead the transition to a clean energy future with better public health, a vibrant economy, and more equality of opportunity for all," Con Edison President Matthew Ketschke said in a statement.
"That's why we want to dramatically increase our energy efficiency incentives, make electric vehicle charging more convenient, and encourage heat pumps as an alternative to gas heating."
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