New Yorkers could be in shock when they see their utility bills next year.
Con Edison is asking state regulators for permission to raise residents’ electric bills by 11.2%, while gas would cost 18.2% more from 2023.
The company says the hikes are needed to fund “clean energy investments, as well as infrastructure upgrades that will help keep customers running in severe weather,” according to a statement Con Ed gave The Post.
The new rates were submitted as part of the company’s proposal to the New York State Public Service Commission.
ConEd, which provides electricity, natural gas and steam to 3.5 million customers in New York and Westchester County, will ask customers to pay more so it can use $1.2 billion of additional revenue to upgrade its electrical distribution system and $500 million more. to improve its gas distribution.
ConEd says it plans to invest in renewable energy, including electric vehicles and clean heat, which will reduce its carbon footprint by 2.4 million metric tons over the next three years.
The company also wants to replace gas lines with “high-density plastic pipes” and bury overhead power cables underground to prevent power outages during severe storms.
As the US economy grapples with record levels of inflation, electricity prices are generally not as affected as other goods and services like gas.
According to the Bureau of Labor Statistics, the cost of electricity has risen from an average of 8.1 cents per kilowatt hour in 1985 to 13.5 cents in 2020 – a 66.7% increase, well below the inflation rate of 140.5% over the same period. .
Natural gas prices soared last year to levels not seen in nearly a decade. In October, the cost of natural gas, which is most commonly used to heat homes, reached $6.47 per million British thermal units, the highest since February 2014.
But prices fell a little earlier this winter due to relatively mild temperatures in the country.
On Wednesday, natural gas futures were trading at $5.349/MMBtu, up 60 cents as severe winter storms and falling temperatures pushed demand up.