New York's Utility Giants Get Backing from Trump and Mayor Mamdani Amid Rate Hike Controversy
In a surprising display of unity, President Donald Trump and Mayor-elect Zohran Mamdani have teamed up to take on New York City's largest utility company, Con Edison. The unlikely duo has expressed frustration over the recent rate hike approvals by the state Public Service Commission, warning that consumers will continue to bear the brunt.
While Con Edison had sought a substantial increase in rates, the final decision amounts to a modest 3.5% hike for electricity customers and 4.4% for gas customers starting in 2026. This translates to an additional $4 monthly bill for New York City residents. The smaller-than-expected increases have been attributed to public comments opposing the original rate hikes, with many arguing that Con Edison's profits were too high.
Critics point out that the company has seen significant profit growth over the past decade, with a 66% increase in shareholder returns despite rising costs for maintenance and infrastructure repairs. The state-guaranteed return on equity embedded in every customer's bill rewards investors at the expense of consumers.
New Yorkers have long grappled with high utility bills, particularly during extreme weather conditions. Last year saw a surge in gas prices, pushing monthly bills up by approximately $50. The cost of maintaining and upgrading the aging gas system is expected to increase further, straining an already-strained budget for many households.
The recent rate hikes have sparked outrage among consumers, with some warning that Con Edison's actions could lead to widespread discontent. Advocates argue that the utility industry should prioritize affordability over profit maximization, particularly during times of economic uncertainty.
As the debate rages on, Trump and Mamdani's unlikely alliance remains a subject of interest. Their shared concern for rate hikes reflects growing public frustration with energy bills, which are becoming an increasingly significant burden for many households in New York City.
In a surprising display of unity, President Donald Trump and Mayor-elect Zohran Mamdani have teamed up to take on New York City's largest utility company, Con Edison. The unlikely duo has expressed frustration over the recent rate hike approvals by the state Public Service Commission, warning that consumers will continue to bear the brunt.
While Con Edison had sought a substantial increase in rates, the final decision amounts to a modest 3.5% hike for electricity customers and 4.4% for gas customers starting in 2026. This translates to an additional $4 monthly bill for New York City residents. The smaller-than-expected increases have been attributed to public comments opposing the original rate hikes, with many arguing that Con Edison's profits were too high.
Critics point out that the company has seen significant profit growth over the past decade, with a 66% increase in shareholder returns despite rising costs for maintenance and infrastructure repairs. The state-guaranteed return on equity embedded in every customer's bill rewards investors at the expense of consumers.
New Yorkers have long grappled with high utility bills, particularly during extreme weather conditions. Last year saw a surge in gas prices, pushing monthly bills up by approximately $50. The cost of maintaining and upgrading the aging gas system is expected to increase further, straining an already-strained budget for many households.
The recent rate hikes have sparked outrage among consumers, with some warning that Con Edison's actions could lead to widespread discontent. Advocates argue that the utility industry should prioritize affordability over profit maximization, particularly during times of economic uncertainty.
As the debate rages on, Trump and Mamdani's unlikely alliance remains a subject of interest. Their shared concern for rate hikes reflects growing public frustration with energy bills, which are becoming an increasingly significant burden for many households in New York City.
...I mean, who'd have thought those two would put aside their differences to take down Con Edison? It's like they're saying, "Hey, we may not agree on everything, but we can both agree that rate hikes are a total bummer for consumers" 
. I'm also kinda curious to see how this plays out - will it actually lead to some changes for the utility company or is it just more of the same? 
. and what's up with the 3.5% hike? it might seem small but for ppl already struggling with high bills, that extra $4 a month can add up fast 
. i think it's time for con edison to prioritize affordability and find ways to lower their costs instead of relying on state guarantees to keep profits high 
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️. The fact that Con Edison's profits have increased by 66% over the past decade while customer bills continue to rise is just unacceptable 
.
. This system seems to be rewarding investors over consumers, which is not sustainable or fair. We need to prioritize affordability over profit maximization, especially during times of economic uncertainty 
and mayor mamdani seems pretty cool too i heard he's super passionate about making nyc a better place to live anyway i feel bad for ppl who have to deal with these high utility bills its so unfair that they have to pay more just because the company is making a profit 
The 3.5% hike might not be the worst thing, but it's still a bummer for NYC residents who already struggle with high bills 
As if we don't have enough to deal with in this city 
Extreme weather + rising costs = financial stress 
. I mean, can't we be having a more constructive conversation about this? It's not like they're gonna magically make our utility bills disappear 
. We need to hold these companies accountable and demand better from our leaders 
. They should prioritize affordability over profit maximization, it makes sense, especially with the rising costs of living in NYC 
. I mean, 3.5% & 4.4% hike might not seem like much, but $4 monthly bill is still gonna affect a lot of people 
.
And then I started thinking about how we're living in a time where our reality is being manipulated by social media. We can curate this perfect online persona, but at the same time, nobody really knows what's going on behind the scenes. It's like, how do you even trust anyone anymore? 