New York City residents are bracing themselves for another hefty increase in their electricity and gas bills, as regulators have approved a rate hike by the Con Edison utility company. The Public Service Commission voted unanimously on Thursday to raise average electric rates by 3.5% this year, 3.2% in 2027, and 3.1% in 2028 – which translates to around $6.88 monthly for NYC residents alone.
Gas customers will face a similar increase of 4.4% this year, with an average monthly rise of $10.67. The rate hikes are part of a revised proposal that Con Edison had submitted more than a year ago, but was met with fierce opposition from advocates and elected officials alike.
Despite the opposition, the new rates still represent a significant increase for consumers. Bill Ferris, legislative representative for AARP, described the rates as "way too high" and argued that they should be reduced instead of raised. The organization itself had signed on to a letter urging regulators to reject Con Edison's original proposal, which would have led to even more dramatic rate hikes.
Con Edison maintains that its revised rates are in line with inflation, but critics say the increases will only exacerbate New York's affordability crisis. According to Alliance for a Green Economy analysis, Con Edison bills have risen by around $50 since 2022, and customers owe nearly $1 billion in unpaid energy bills – a stark reminder of the struggles many face.
The move comes on the heels of a recent State of the State address in which Governor Kathy Hochul unveiled plans to hold energy companies accountable and ensure a reliable grid. However, critics say that the new rates do little to address these concerns, instead simply increasing the burden on already-struggling consumers.
Gas customers will face a similar increase of 4.4% this year, with an average monthly rise of $10.67. The rate hikes are part of a revised proposal that Con Edison had submitted more than a year ago, but was met with fierce opposition from advocates and elected officials alike.
Despite the opposition, the new rates still represent a significant increase for consumers. Bill Ferris, legislative representative for AARP, described the rates as "way too high" and argued that they should be reduced instead of raised. The organization itself had signed on to a letter urging regulators to reject Con Edison's original proposal, which would have led to even more dramatic rate hikes.
Con Edison maintains that its revised rates are in line with inflation, but critics say the increases will only exacerbate New York's affordability crisis. According to Alliance for a Green Economy analysis, Con Edison bills have risen by around $50 since 2022, and customers owe nearly $1 billion in unpaid energy bills – a stark reminder of the struggles many face.
The move comes on the heels of a recent State of the State address in which Governor Kathy Hochul unveiled plans to hold energy companies accountable and ensure a reliable grid. However, critics say that the new rates do little to address these concerns, instead simply increasing the burden on already-struggling consumers.
$6.88/month for electricity? That's insane 
NYC is already a pricey place to live & now we gotta deal with this?! 
I'm all for Con Edison getting paid for its work but come on, can't they just find ways 2 reduce costs instead of raising rates? 
Not everyone's got a million bucks 2 spare. What's the point of holding energy companies accountable if it just means more burdens 4 consumers? 
. And it's not just the amount that's the problem, it's the fact that this isn't even the original proposal they submitted last year - that would've been way worse 
. I get that inflation is a thing, but come on, can't we find ways to make energy more affordable for everyone? 
It's just one more nail in the coffin for NYC's affordability crisis 
. The governor's plan sounds good and all, but it feels like just another Band-Aid solution rather than a full-on overhaul of the system 
.
The unpaid energy bills are, like, whoa... nearly a billion dollars? 
is just too much for NYC residents! I mean I get it, inflation and all that but $6.88 a month feels like a lot for many fams 
It's just not fair to regular people who are already struggling to make ends meet.
. I wish the Governor would step in and really do something about this, instead of just talking about accountability 
. It's time for some real change, not just more rate hikes 
. Can't we just have affordable energy already?! 
. I feel bad for all those households who can't afford these increases 
. What's the deal with the unpaid energy bills tho? Like, $1 billion and rising by $50 since 2022... that's insane 
I dont get why they cant just lower the rate or find other ways 2 help ppl who are struggling with bills like this its not fair 
think about all the ppl who are already on a tight budget, this is jus another thing 2 worry about.
I'm all for Con Edison doing what they gotta do but can't they think about the ppl who are gonna get hit hard by this rate hike?!? 
and its not even like they're doing anything to actually help ppl out or whatever. i feel bad for the older folks who are struggling to pay their bills, thats just cruel 
And don't even get me started on the unpaid energy bills... nearly a billion dollars?! That's like, a whole lot of people struggling to make ends meet. 
. so like, how about we find some middle ground? is that too much to ask?