Con Edison Increases Electric Rates by $326.4 Million Beginning January 1, 2022
On January 16, 2020, the New York State Public Service Commission (“PSC”) approved a three-year electric rate plan for Consolidated Edison Company of New York, Inc. (or the “Company”) that is designed to increase delivery revenues annually commencing January 1, 2020. The third rate year increase is $326.4 million, or $316.7 million exclusive of gross receipts tax. The third rate year increase, excluding gross receipts tax, is allocated as follows: $285.2 million to the rates charged to retail customers under the Schedule for Electricity Service, P.S.C. No. 10 – Electricity (the “Electric Tariff”) and $31.5 million to the New York Power Authority (“NYPA” or “PASNY”) for delivery service to Authority Public Customers under the Schedule for PASNY Delivery Service, P.S.C. No. 12 – Electricity (the “PASNY Tariff”). The effect of the rate changes in the third year equates to the following approximate percentage increase: 4.9% to full-service and retail access delivery revenues, or a total bill impact (i.e., including estimated supply revenues) of 3.5%; and 5.2% to PASNY delivery revenues, or a total bill impact of 2.9%. The rate changes for the third year will become effective on January 1, 2022.
The following tables show the effect of the electric rate changes on selected monthly bills of most residential and small commercial customers served under the Electric Tariff in the third rate year:
In addition to electric delivery charges and other applicable surcharges, these bills include other projected charges, such as electric supply charges and the average revenue taxes in effect for the various municipalities. Sales taxes are not included in this table. The summer billing period is the four-month period from June 1 to September 30. The winter billing period is the balance of the year. If a customer receives a bill that includes periods before and on and after January 1, 2022, rates will be prorated depending on the number of days of service before and on and after that date.
Listed below are the ranges of percentage increases in customers’ annual bills, which depend upon the amount of electricity used, for the remainder of the Company’s customers:
The Company’s rate schedules can be viewed on the PSC’s website at www.dps.ny.gov or the Company’s website at www.coned.com. The tariff filing can be viewed on the PSC’s website by searching under Case 19-E-0065. If you do not have access to the Internet, you can view complete copies of Con Edison’s tariff amendments at the PSC’s office at 90 Church Street, New York, New York 10007 and at offices where applications for Con Edison service may be made.