Feds relent, avoid big electricity rate hikes

(AP) - Governor Andrew Cuomo says the FederalEnergy Regulatory Commission has acted to save New York Cityelectric customers $500 million in each of the next

ALBANY - (AP) - Governor Andrew Cuomo says the FederalEnergy Regulatory Commission has acted to save New York Cityelectric customers $500 million in each of the next three years.

The federal regulator made the decision yesterday as Cuomo andthe state Legislature acted on a bill that allows the city toguarantee property tax breaks to power plants, avoiding the needfor the $1.5 million in rate increases.

Although the plants were receiving the city tax breaks, theyweren't assured in law. So the federal regulator had granted rateincreases based on the full tax bills of the power plants.

As residents faced increases of up to 12 percent and businessesfaced up to 14 percent increases, Cuomo, Senator Charles Schumer,Mayor Michael Bloomberg and the state Legislature intervened withthe legislation.

advertisement | advertise on News 12

Trending Video

VIDEO: March to help seniors apply to college 1 VIDEO: March to help seniors apply to college
Brooklyn Weekend Travel Advisory, Dec. 10-11 2 Brooklyn Weekend Travel Advisory, Dec. 10-11
3 VIDEO: Interview with friend of East NY throat slashing victim
Some flavors offered were strawberry and tamarind. 4 Parade participants partake in snow cones
Police say three suspects robbed a livery cab 5 Police: 3 suspects rob livery cab driver

advertisement | advertise on News 12

Features

Furry Friends is a weekly segment on News Furry Friends

Furry Friends is a weekly segment on News 12 Brooklyn nightside.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE