As if the latest approved increase wasn't enough, Con Edison is asking for even more money in rate hikes. They complain that times are tough, investments and maintenance is needed, but really, why not look for other revenue streams? Ask the state for some cash, since it seems to grow on the trees that surround the government's complex in Albany. However, they'll probably run into some roadblocks with state legislators too.
Last month, the Public Service Commission approved a 2010 Con Ed rate hike that would result in about a $6/month increase in a residential customer's bill. Now, the utility is asking for rate hikes in 2011 and 2012 because Con Ed doesn't think the first hike will do enough, given its rising costs. One plan calls for a hike of about $6.48/month for residential customers while another proposes a $8/month hike. This isn't sitting well with Assemblyman Michael Gianaris (D-Queens), who says, "Just last month Con Ed was handed over $700 million in rate hikes, and already it has its hand out again. Con Ed fiddles while homes explode and blackouts and electrocutions become routine. This unaccountable monopoly does not deserve one cent in additional rate hikes until it reforms its practices and changes the way it does business."Ouch!
Gianiaris is pissed, and rightly so. Con Edison is seriously unaccountable and no well written press release is going to help matters. Their track record is shoddy and as Gianaris says, they shouldn't have one extra cent until things change over there. These are tough times, and for Con Ed to expect New Yorkers $100 a year after already shelling out an extra $80 is nothing short of ridiculous.