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| Contact: Deborah Sturm Rausch (518) 473-9472 | For Immediate Release: March 19, 2008 |
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STATEMENT FROM MINDY A. BOCKSTEIN
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| Today's decision by the Public Service Commission regarding Con Edison's proposed $1.2 billion electric delivery rate increase
reflects the Consumer Protection Board's (CPB) recommendation that the rate increase be cut by more than half of that which Con Edison
initially proposed. It also incorporates the CPB’s proposal for enhanced oversight of the Company. I commend the PSC under the leadership of new Chairman Garry Brown, for adopting the CPB's proposal to substantially increase oversight of Con Edison. Coupled with Con Edison’s projected $2 billion in annual infrastructure spending, and well-publicized reliability problems, it is apparent that vigilant oversight of Con Edison's capital spending is an imperative. Significant expenditures by Con Edison in recent years have not been properly reviewed, particularly the $1.6 billion in excess of projected amounts spent over the last three years on electric system infrastructure. Oversight would help assure spending on needed infrastructure and reliability upgrades are in the best interest of Con Ed’s customers. Today's decision, along with the PSC's recent adoption of the CPB's recommendation to conduct the first comprehensive audit of Con Edison in more than 15 years, is an important first step in balancing Con Ed’s responsibility for infrastructure upgrades and related spending with consumer needs for reasonable electricity service prices. The CPB advocates for and empowers NY consumers. The CPB is the statutory representative of consumers before the PSC, a responsibility we take very seriously. As such, we will continue to vigorously represent the interests of residential and business customers before the PSC and other regulatory authorities. The CPB, established in 1970 by the New York State Legislature, is the State's top consumer watchdog and think tank. The CPB's core mission is to protect New Yorkers by publicizing unscrupulous and questionable business practices and product recalls; conducting investigations and hearings; enforcing the “Do Not Call Law”; researching issues; developing legislation; creating consumer education programs and materials; responding to individual marketplace complaints by securing voluntary agreements; and, representing the interests of consumers before the Public Service Commission and other State and federal agencies. To file a consumer complaint with the NYS Consumer Protection Board (CPB), call our toll-free hotline at 800-697-1220 or visit CPB’s website at www.nysconsumer.gov. In addition to the online complaint form, the website is home to important consumer safety information. To join the CPB’s Do Not Call Reminder list, send an e-mail to CPB's Do Not Call Reminder list |