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| Contact: Deborah Sturm Rausch 518.473.9472 | For Immediate Release: May 9, 2008 |
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Statement Regarding Today’s Rate Increase Request
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The New York State Consumer Protection Board (CPB), as the sole Agency with statutory responsibility to represent consumers before the PSC, is concerned about Consolidated Edison’s formal request to the Public Service Commission (PSC), received this afternoon, asking permission to increase its revenues by $654.1 million. Just one year ago, the Company asked for a $1.2 billion rate increase, a request that the CPB was able to help reduce, but it continues to come back at New Yorkers with additional requests. This increase in delivery charges of approximately 15% and in total electricity bills of approximately 6%, effective April 1, 2009, will put a further strain on us in difficult economic times, and must be carefully considered. For that reason, I have asked our Agency experts to immediately begin a detailed analysis of financial, economic and legal issues relating to the request to assure that it does not include an excessive profit rate for the Company and other elements that are not in the best interest of ratepayers. We expect to file testimony related to Con Ed’s request in the late summer, once we have completed our review, and look to work with the PSC to protect consumers when this matter is considered, which is expected in early 2009. |