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NYSEG reached an agreement with the New York Public Service Commission to a three-year agreement that will increase utility bills by 24.5 percent by the end of the deal.
As part of the agreement, the rate hikes will not be enacted until October to provide customers relief due to the COVID-19 outbreak.
The cost for the average NYSEG electric bill will increase $2.49 in year one, $4.13 in year two, and $5.54 in year three. By 2020, the average NYSEG bill will rise to more than $55.
The agreement will also provide $16.5 million for NYSEG’s “most vulnerable residential and small commercial business customers.
The money will be distributed by the companies automatically through $100 bill credits and in three phases, starting in September, pending regulatory approval, with an initial pool of an estimated 133,000 residential and small commercial customers.
“The settlement filed today puts customers first," NYSEG President and CEO Carl Taylor said, "and, upon approval, will provide immediate COVID-19 relief to residential and commercial customers, while also limiting the rate impact to ensure that NYSEG customers will continue to have among the lowest electric and gas rates in the state.
“The proposed plan will enable much-needed investment in our infrastructure and harnesses the power of technology to make our electric system more resilient, providing for a better customer experience,” he added. “It also re-affirms our commitment to build more economic, social, and environmentally sustainable communities throughout the areas we serve.”
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