Who Should Pay for Con Ed’s Proposed Rate Hike?

Con Ed is seeking permission from the NYS Public Service Commission to raise electric rates over a three year period by an average of 20% for electric rates and 31% for gas rates. They are seeking to upgrade their electric delivery system and upgrade its gas system.

I believe that addressing infrastructure is important. But I also believe that the rate hikes should not be paid for by Con Ed customers but rather by Con Ed stockholders  Con Ed continues to report large profits. In 2022 Con Ed reported net income for common stock of $1,620 million or $4.68 a share compared with $1,346 million or $3.86 a share in 2021. Adjusted earnings were $1,620 million or $4.57 a share in 2022 compared with $1,528 million or $4.39 a share in 2021. The NYS Public Service Commission should take into account Con Ed’s profits when deciding whether a rate hike should be approved.

PAUL FEINER

Greenburgh Town Supervisor