Lawmaker questions Con Ed's proposed rate hike

BROOKLYN - Con Edison?s proposed 17 percent rate hike is actually more like a 36 percent hike, according to a local assemblyman.The utility company proposed the increase three weeks ago. However, at a hearing Wednesday, Con Ed?s Chief Financial Officer Robert Hogland admitted that the utility company's take from the rate increase is greater than 17 percent. Assemblyman Michael Gianaris said Con Ed is basing the hike on a customer?s whole bill, even though the utility only handles power delivery. Gianaris says Con Ed should only be asking for an increase based on maintaining wires and equipment, not supplying the power. While the lawmaker said the increase would only benefit the company's shareholders, Con Ed defended its hike. It maintains the money is needed to pay for past projects.

The Public Service Commission must approve the increase for it to take effect; a vote is expected next year.

advertisement | advertise on News 12

Trending Video

At least six people have been arrested and 1 Six arrested, 4 more sought in Coney Island gang assault video
Residents are concerned about the safety of items 2 The Buzz: Safety concerns in wake of 8-year-old boy's death
In honor of National Superhero Day, News 12 3 Word on the Street: Superheroes
A falling concrete planter struck and killed an 4 Child dies after being hit in head by concrete planter
Kevin Reilly, 8, died after a heavy planter 5 Vigil remembers 8-year-old killed by fallen planter box

advertisement | advertise on News 12

Features

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