Con Edison Wants Even More Of Our Money

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.

From Gothamist:

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.

Con-Ed: Pay More And Get Less

Well here goes, Con Edison got an approval to raise our rates, even though they haven't done a damn thing to help fix the power (and steam) problems in our city. While the state is decreasing programs that help New Yorkers, they are approving a request that will tap more of us, even if it is only a few dollars, its a few more dollars that many people do not have to begin with.

From The NY Times:

Residents of New York City will see the biggest one-time increase in their bills for electric service next month, after state regulators approved a $425 million increase in rates for Consolidated Edison on Wednesday.

Starting in April, the typical household in the city will pay about $4.25 more each month for the delivery of power by the company, whose string of recent failures has drawn heated criticism from customers and elected officials, regulators said. In Westchester County, where the company is also the main utility, the typical residential customer will pay about $5.60 a month more, the regulators said.

The rate increase, which was unanimously approved by the five members of the state’s Public Service Commission at a meeting in Lower Manhattan, is a fraction of the $1.2 billion increase that Con Ed sought last spring.

As the Times notes, these five people were hesitant to approve the hike in light of all the problems Con-Ed has in delivering power and keeping pipes in the ground and not spraying out several stories into the air and killing/wounding people. Con Ed must have begged hard to get it approved. One regulator, Cheryl Buley had "misgivings" about her vote in favor....sheesh lady, why didn't you just DENY it? The tired argument for more money for improvements fall flat when they are taking in money but not improving much of anything.